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I agree with Hal_AL.  If the child lives with you more than the child lives with your Ex, you can ONLY give away the (1) exemption and (2) Child Tax Credit.  You can keep (3) EIC, (4) Head of Household (if you qualify) and (5) Dependent Care Credit (for daycare, if you qualify).  Your Ex can never claim those (unless the child lives with him more than the child lives with you).