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You both will be use amount you spend on daycare to calculate credit for child and dependent care. The credit is percentage of expenses based on your income. Which means if one of you makes more than other, your credit amount will be different, even thought you both paid the same amount.
Regarding the child tax credit, the person who will claim the child as dependent will claim the entire credit.
Let me know if you have any questions.
I see you read my respond. I think I didn't make it very clear here regarding the dependent care credit. You can both use the expenses you paid to figure out your credit but only the custodial parent will be able to claim the credit. You don't have to claim the child as your dependent as long as you are the custodial parent you will be able to claim the credit.
You said you had "50/50" custody. Unfortunately for IRS and tax purposes, there's no 50/50 custody. One parent is always the custodial parent and one is non custodial parent. IRS uses tie-braker rule to help to determine who is the custodial parent: