Divorced and now filing as a single individual for the first time.
I have 2 kids. Both are very young (under age 10).
Per our divorce agreement, my Ex has provided me with form 8332 for ONE of the 2 children for tax year 2024. We alternate yearly which ONE of the 2 kids we each get with form 8332.
My understanding is:
Child Exemption - eliminated now per the tax cuts and job act
Child Dependency - I am able to list ONE child because of the form 8332
Child Tax Credit - I am able to get the $2000 for one of the children due to having form 8332
Child and Dependent care credit - I pay half of aftercare and camp. I'm not sure I'm able to get this even with me having form 8332 for one of the children
Two questions pop into my head:
1) How does this work with the Child and Dependent care credit? (is this credit ONLY for the "custodial" parent who has the most nights that year OR does 8332 allow me to claim for the child I get that year)
2) Am I wrong or missing anything in the above as it pertains to children, credits and deductions, and what 8332 entitles me to
