My girlfriend and I are expecting a child in early January. Her insurance is far better than mine, but I make almost 3 times what she makes. So I think that I would benefit the most from claiming our child as a dependent on my taxes, however I would really like to keep our child on her insurance, like I sai it is better than mine. She gets medical, dental & vision for less than I pay for medical. Also our coverages, co-pays, etc. are the same. I don't even know if it is possible to have one parent claim them as a dependent and have another parent put them on their insurance. Any advice or suggestion would be greatly appreciated!!
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The insurance carrier may have restrictions. The IRS has no restriction on what you are planning to do. If the child qualifies both parents to take the dependency exemption, unless there is a specific question by the insurance company as to whether the dependency exemption was actually claimed, you should be fine claiming your child on your tax return, and the mother carrying the child on her health insurance. Added later: Do not assume that since you make more money, the dependency exemption is more valuable to you. Do the taxes both ways, the mother may qualify for Earned Income Credit.
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