There is no limit on the number of exemptions you can claim for
qualifying dependents. There are potentially limits on the Child Tax
Credit if your ex-wife has insufficient income or if her modified
adjusted gross income exceeds certain levels. In the case of
insufficient income, there is an Additional Child Tax Credit that she
might qualify for.
Sincerely,
Wonko
Sources:
"Limits on the Credit
You must reduce your child tax credit if either (1) or (2) applies.
The amount on Form 1040, line 46, or Form 1040A, line 28, is less than
the credit. If this amount is zero, you cannot take this credit
because there is no tax to reduce. But you may be able to take the
additional child tax credit. See Additional Child Tax Credit, later.
Your modified adjusted gross income (AGI) is above the amount shown
below for your filing status.
Married filing jointly - $110,000.
Single, head of household, or qualifying widow(er) - $75,000.
Married filing separately - $55,000."
"Publication 972" IRS (2005) http://www.irs.gov/publications/p972/index.html
"Exemptions for Dependents
You are allowed one exemption for each person you can claim as a
dependent. You can claim an exemption for a dependent even if your
dependent files a return.
Beginning in 2005, the term ?dependent? means:
A qualifying child, or
A qualifying relative."
"Publication 501" IRS (2005) http://www.irs.gov/publications/p501/index.html
"Additional Child Tax Credit - A refundable credit available to
taxpayers with three or more children qualifying for the child tax
credit and whose regular child tax credit exceeds tax liability minus
other nonrefundable credits. The additional child tax credit is
computed on Form 8812."
"Tax Glossary" Yahoo! Finance (2006) http://finance.yahoo.com/taxes/glossary/a
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