You can claim a child as a dependent if he or she is your qualifying child. Generally, the child is the qualifying child of the custodial parent. The custodial parent is the parent with whom the child resided with for the majority of the year.
In the event that parents share physical custody of the child equally, then a second rule applies that gives precedence to the parent with the higher adjusted gross income for that particular tax year.
Parents who share custody equally can also agree who should claim the child as a dependent. A common arrangement is to alternate years claiming the child from year to year. In addition, If parents have multiple children, they can agree who claims which specific child.
If you have any questions about the topic discussed in this article, or any family law matter, please give us a call at Bononi & Company (724) 832-2499.