yes only one of you can claim the child on your return. To be able to claim a Head of Household filing status, you need to qualify as "unmarried". If you are separated and living apart the last 6 months of the year, you can potentially qualify for this. :
https://turbotax.intuit.com/tax-tips/family/guide-to-filing-taxes-as-head-of-household/L4Nx6DYu9
If you live together, then you are Married Filing Separately, there are several key credits you will not qualify for.
https://ttlc.intuit.com/community/taxes/discussion/what-are-the-restrictions-for-married-filing-sepa...
3. You cannot take the credit for child and dependent care expenses in most cases, and the amount you can exclude from income under an employer's dependent care assistance you are legally separated or living apart from your spouse, you may be able to file a separate return and still take the credit. For more information about these expenses, the credit, and the exclusion, see chapter 32.
4. You cannot take the earned income credit.
The following credits and deductions are reduced at income levels half those for a joint return:
a. The child tax credit,
b. The retirement savings contributions credit,
c. The deduction for personal exemptions, and
d. Itemized deductions.
10. Your capital loss deduction limit is $1,500 (instead of $3,000 on a joint return).
11. If your spouse itemizes deductions, you cannot claim the standard deduction. If you can claim the standard deduction, your basic standard deduction is half the amount allowed on a joint return.
Do these help in any way? Please let me know if you are looking for more detail on any one of these.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
