Who gets to claim the child on taxes with 50/50 custody?

Seeking Advice
1

I’m curious about tax stuff regarding child custody. If parents share 50/50 custody, how does it work with claiming the child on taxes? Who gets to claim them for tax deductions? I’ve heard different things, and I’m trying to figure out what’s right. Does anyone have experience with this? I would love some insights.

2

From what I know, typically, the parent who has the child for more nights in the year gets to claim them. But it can get tricky if you’re splitting time evenly.

3

Shiloh said:
From what I know, typically, the parent who has the child for more nights in the year gets to claim them. But it can get tricky if you’re splitting time evenly.

Yeah, that makes sense. But what if both parents want to claim the child? Is there a way to do that?

4

@Wynter
If you both want to claim the child, you might have to agree on it, or one parent can sign a form allowing the other to claim the child. It gets complicated, though.

5

I think it also depends on the agreement you have. Some parents write it into their custody agreement who gets to claim them each year.

6

NebulaNoble said:
I think it also depends on the agreement you have. Some parents write it into their custody agreement who gets to claim them each year.

Oh, I didn’t know that. So it’s not just automatic? Good to know.

7

Exactly, and remember that the IRS has specific rules about this. If you’re not the custodial parent, you need a signed release to claim the child.

8

Sophia said:
Exactly, and remember that the IRS has specific rules about this. If you’re not the custodial parent, you need a signed release to claim the child.

What’s a signed release? Is it a special form?

9

@Teagan
Yeah, it’s called Form 8332. It’s basically a document that allows one parent to claim the child if the other agrees. You can find it on the IRS website.

10

Just to add, if you’re splitting custody, it’s best to talk to a tax pro. They can help figure out the best way to handle it for your situation.

11

Zara said:
Just to add, if you’re splitting custody, it’s best to talk to a tax pro. They can help figure out the best way to handle it for your situation.

Good call! I’ll definitely consider that. I want to make sure I’m doing it right.