CLAIMING THE CHILD TAX CREDIT

With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child under the age of 17.

A qualifying child for this credit is someone who meets the following criteria:

Age Was under age 17 at the end of 2006 Relationship Is your son, daughter, adopted child, stepchild or eligible foster child, sibling, or stepsibling or a descendant of any of these individuals Citizenship Is a U.S. citizen or resident alien Support Did not provide over half of his or her support and did live with you for more than half of 2006 (note that some exceptions to this criteria exist) The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status:

Married Filing Jointly $110,000 Married Filing Separately $ 55,000 All others $ 75,000 In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.

If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim some or all of the difference as an

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