jaybrownbike,
I'm glad you found my answer helpful! I did want to add a few additional details you'll need to know if you are going this route.
1. If you are not the custodial parent and are claiming the child, you need to have the other parent sign Form 8332 and give it to you. You will need this when filing your tax return as proof that you are authorized to claim the child as a dependent that year.
2. The Form 8332 only allows you to claim the child as a dependent and get the Child Tax Credit. Since you are not the custodial parent you do not qualify for the Child and Dependent Care Credit and the child isn't a qualifying child for EIC for you. Those benefits always remain with the custodial parent.
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