Hello,
I have 50% custody of my daughter, and I claimed her as a dependent in 2020. Her mother will be claiming her in 2021. I have two other children, so I am getting monthly payments for all 3 kids. I am wondering if I should try to update the number of my dependents to 2 for the rest of the year, so I do not owe when taxes are filed. Do we both get to claim the credit for her or should I be worried? There is also a good possibility that I will show more income this year than I did last year because I had to cash out some retirement. I am not sure how that will affect the amounts either.