Taxatron
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Get your taxes done using TurboTax

Attempting to understand if part of TurboTaxJimesa's answer is incorrect. It would appear that it might be possible for the first parent to allow the second to claim the child for split tax benefits. My proposed scenario: 

Yes, only one parent can *claim* the child as a dependent, but the other parent absolutely can and should *list* the child on his/her return for the sake of obtaining the EIC and dependent care credit. This is accomplished by the parent with dependent claim rights transferring the dependency exemption to the other parent via an agreement (e.g. Form 8332). For example, the below is allowed:

    Parent 1: HoH, not claiming child (allowing other parent to claim child), child listed as lived with whole year
    (Eligible to claim EIC and dependent care credit).

    Parent 2: Single, claiming child, child listed as lived with whole year
    (Eligible to claim EIC, dependent exemption, and child tax credits).

Only one person may claim the EIC, but both can *qualify* to claim it in the above manner, and you certainly should, as listing the child without claiming the child as a dependent in this manner makes you eligible for lucrative benefits (e.g. Head of Household status, EIC, dependent care credit).