Child Tax Credit Information

U.S. Tax payers are entitled to a child tax credit of $1,000 for each qualifying child. U.S. Tax laws state that even if the credit is greater than the amount of taxes you owe, you may still be able to use the child tax credit to generate a tax refund. In order to claim the credit you must file a tax return (form 1040 or 1040A) and report earned income of at least $11,300 in 2006. In addition, the child must have a Social Security number. To learn more about getting a Social Security number for your child click here.

With respect to this credit, a qualifying child must meet the following criteria:

1. Must be your son, daughter, stepchild, foster child, brother,sister, stepbrother, stepsister, or a descendant of any of them (for example, your grandchild),
2. Be under age 17 at the end of the tax year
3. Did not provide over half of his or her own financial support for the tax year
4. Lived more than half of the tax year with you
5. Was a U.S. Citizen or National or a resident of the United States.

The Credit is limited for tax payers whose modified adjusted gross income (AGI) is greater than the following amounts depending on you filing status:

• Married filing jointly – $110,000
• Single, Head of Household, or Qualifying Widow(er) – $75,000
• Married filing separately – $55,000.

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