RUMOR: The 14th Amendment guarantees citizenship to children born to parents illegally in the U.S. Critics argue that automatic birthright citizenship could be changed by revoking the statute. Others say it would require a constitutional amendment because they believe the 14th Amendment requires birthright citizenship.
Answer: Each child can only be claimed as a dependent by one parent (except when married couples file taxes jointly). Typically, in the case of divorced, separated, or never married parents, it is the custodial parent who is legally able to claim a child as a dependent for tax purposes.
Claiming a child reduces your taxable income by the value of an exemption -- $3,800 as of 2012. In addition, only the parent claiming the dependent qualifies to claim several other tax benefits including the child tax credit. And when it comes time for the child to go to college, only the parent claiming the child can claim a tax break such as the American opportunity credit or lifetime learning credit.