Only one parent can claim a child during tax time, so you can take turns claiming the children, or one parent can claim one child and the other parent claims the other child.
You can claim a child tax credit (CTC) for each child under 17 who is a citizen. It is up to $2,000 for each child. For single parents, “the credit is reduced by 5% of adjusted gross income over $200,000” compared to $400,000 for married couples, according to the Urban Institute and Brookings Institution’s Tax Policy Center.