YES
You can release the child's exemption for tax year 2016 only.
If you are the custodial parent, you may release the child's exemption to the non-custodial parent.
This allows the non-custodial parent to claim the child's exemption, but only the custodial parent can claim Head of Household filing status, as well as possible eligibility for the Earned Income Credit and the Child and Dependent Care Credit.
Be sure you give the exemption for tax year 2016 only.
If you release the exemption for one year only, complete Part I ONLY (not Part II) and you will not be restricted to the year grace period for reclaiming the credit. This "reclaiming" period is only enforceable when the exemption had been given for "All Future Years".
If you agree to release it again in future years, you will again need to fill out a Form 8332, but you will not be restricted to having to "revoke" your option and needing to give a year's notice to the other parent.
"Part I.
Complete Part I to release a claim to exemption for
your child
for the current tax year.
Part II.
Complete Part II to release a claim to exemption
for your child for one or more
future years.
Write the specific future year(s)
or “all future years” in the space provided in Part II."
https://www.irs.gov/pub/irs-pdf/f8332.pdf
