Tax Exemptions for Minor Children
Tax exemptions for minor children, otherwise known as dependency exemptions, is a certain amount of income related to the cost of caring for and raising a minor chid(s) that is deducted from one's annual tax payments.
If you are the legal parent, or have been allocated parental responsibilities (custody) of a minor child(s) you may be able to claim them as your dependents when you file your taxes. The amount of tax-deductible income you receive depends on the number of children you claim as dependents.
Unless you and the child's other legal parent are married or in a civil union, only one of you will be able to claim the child(s) as a dependent on your tax returns.
Additional things to know about tax-exemptions for minor children:
If you and the child's other legal parent are NOT married or in a civil union, the custodial parent of the child(s) will generally be the ONLY parent able to claim them as a dependents
If the child's other legal parent currently claims them as a dependent(s), there are two primary ways through which you might be able to change that:
If both you and the other parent dissolved your marriage (divorced) or dissolved your civil union BEFORE either one of you were pregnant with or adopted the minor child(s), you may be able to modify your (marital) settlement agreement