As tax season approaches, questions arise regarding which parent can claim a child as a dependent for tax purposes. The general rule as stated by the Internal Revenue Service states, “the parent with whom a child lived for more than half of the year is entitled to claim the child as a dependent on their taxes, even if the other parent provided more financial support for the child.”
However, the custodian parent may relinquish this right to the other parent. If the custodial parent relinquishes this right, they must fill out a Release of Claim to Exemption form. If you are in the middle of a divorce and/or custody proceeding, it is best to have a written agreement outlining these specific issues thereby leaving no unanswered questions during filing time.
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