Mutually agree on who gets to claim the child as a dependent This means parents who file separate returns have one of two options:įollow IRS tiebreaker rules for determining who gets to claim the child Only one taxpayer can claim the same child (or a qualifying relative) as a dependent on their taxes. Qualifying relatives must also be within income thresholds and you must have provided more than half of their total support for the year. citizen and lived with you for the entire year. The IRS doesn’t impose an age limit for children who are permanently and totally disabled or meet the qualifying relative test.Ī qualifying relative is someone who is not a qualifying child, is a U.S. To meet the qualifying child test, the child must be younger than you and under 19 years old or a student younger than 24 years old at the end of the calendar year. To claim any child as a dependent, the child has to meet the qualifying child test or the qualifying relative test established by the IRS. Tax planning should be coordinated with financial and estate planning that’s where a financial advisor can offer valuable insight and guidance. So who claims a child on taxes with 50/50 custody? The IRS has specific rules built into the tax code to determine which parent can claim a child as a dependent. Sharing equal custody of your child with someone else can add a wrinkle to your tax preparation plans. Nathan at 41.Who Claims a Child on Taxes With 50/50 Custody?Ĭlaiming one or more dependents on your taxes can yield some valuable tax benefits, including the ability to claim the child tax credit and the child and dependent care tax credit. To schedule an appointment, contact The Law Offices of Paul H. What’s best for your family? Our San Francisco child custody attorneys can help you find the best solution for you and your children. If you have multiple children, the exemptions for the children can be split between the parents, allowing each a tax advantage. If the custodial parent has a significantly lower income than the non-custodial parent, it may be worthwhile for you to trade the right to claim the child as a dependent for more California child support, custody of the pet, or the big screen TV. The value of these tax benefits depends on one’s income.
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