Claiming a Dependent

My boyfriend and i are unmarried and we have a child together, we file seperately and are unsure whether or not we can both claim our daughter as a dependent, Can someone help ASAP??? :confused:

Only one exemption is allowed for each taxpayer. When a parent claims a child as a dependent, for example, the child may not claim his or her own exemption. In your case, only you or your boyfriend can claim your child. Assuming you and your boyfriend live together and the child lives with you, the dependency exemption should be claimed by whichever of you provides most of the child's financial support. If there's a 50%/50% split, you can alternate claiming the exemption from year to year.

Whichever of you claims the dependency exemption will likely also qualify for the $1,000 child credit.

--Kevin McCormally
editorial director
Kiplinger's Personal Finance magazine

If you live together, one of you should file as Head Of Household, unless you live in a state that recognizes common law marriges.
This would be the one that provides over 50% of the household expenses.

The HH filer has a larger standard deduction compared to a single filer.

Does anyone know, or is there an online resource to find this info? Thanks.

TimH,

A dependent can only be claimed on one tax return per year.
As McCormally stated, they could alternate years for claiming the child as a dependent.

For 2005 tax returns, there is a new Uniform Definition of a Child. Here is a link that attempts to explain this new UDC: http://hrblock.com/taxes/fast_facts/tax_law/taxlaw_UDCquickoverview.html