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Deductions & credits
Even if you have 50/50 custody, for tax purposes only one parent can claim the expenses on their tax return. Custodial parent could be the one who had custody for more than 1/2 of the year and can claim the child as a dependent, child care expenses, earned income tax credit and, if eligible, Head of Household. The custodial parent can transfer the exemption to the non-custodial parent by providing them with a signed copy of Form 8332.
ā€ˇFebruary 2, 2021
3:55 PM