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Form 8332 - if you are a custodial parent, you may use this form to release your claim to your child's exemption. To do so, complete this form and give it to the noncustodial parent who will claim the child's exemption. Then, the noncustodial parent must attach this form or a similar statement to his or her tax return each year the exemption is claimed.
One item to note is that the custodial parent still has the right to claim head-of-household status, the earned income credit, and dependent care credit even though he or she has released the right to claim the child as a dependent. However, if waived, the noncustodial parent claims the $1,000 child tax credit along with the dependency exemption.