Child Tax Credit

The child tax credit is a credit of up to $1,000 per dependent meeting all these tests:

• The dependent is your son, daughter, adopted child, grandchild, stepchild, or foster child.

• The dependent was under age 17 at the end of 2007.

• The dependent is a U.S. citizen or resident alien.

If your adjusted gross income is above $75,000 ($110,000 if filing a joint return, $55,000 if married filing a separate return) your child tax credit is reduced by 5% of the amount by which your adjusted gross income exceeds the cutoff, rounded to the next multiple of $1,000.