Form 8332 - what does it provide to me and what about the child and dependent care tax credit

[Dev333]

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

[Bsch4477]

With whom do the kids live?

[Vanessa A]

My understanding is:

Child Exemption - eliminated now per the tax cuts and job act- Correct

Child Dependency - I am able to list ONE child because of the form 8332-This was also eliminated under the Tax Cuts and Jobs Act

Child Tax Credit - I am able to get the $2000 for one of the children due to having form 8332- Correct

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- No, only the custodial parent can take this credit. 

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)- Yes, this is ONLY for the custodial parent, so if you are the non custodial parent, you cannot claim this credit. 

2) Am I wrong or missing anything in the above as it pertains to children, credits and deductions, and what 8332 entitles me to.  No.  the only thing that a non custodial parent can claim is the child tax credit or credit for other dependents (depending on the child's age)