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Were you the custodial parent?
Do you have an agreement with the other parent to allow the other parent to claim them--due to divorce or that you live apart and share custody? Did one of you sign a Form 8332?
If there is a signed 8332 then the custodial parent retains the right to file as Head of Household, get earned income credit and the childcare credit + education credits if the child is a full-time college student. The non-custodial parent gets the child tax credit for children under the age of 17.
As far as the IRS is concerned, the custodial parent is the one with whom the child spent the most nights during the tax year--at least 183 nights.
If you are a non-married couple who live together then only one of you can claim the child(ren) and the one not claiming the child does not enter anything at all on their tax return about the child.
Depending on your income it is very possible that removing the dependent will not change the bottom line ... so compare the original 1040 with the corrected one and see what changed and what did not.
If you are the custodial parent then even if you waive the dependent to the other non custodial parent you still get to keep the EIC, HOH filing status and the daycare credit.
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