http://www.irs.gov/newsroom/article/0,,id=106182,00.html
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.
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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:
8226; Married Filing Jointly $110,000
8226; Married Filing Separately $ 55,000
8226; All others $ 75,000
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