IRS Tax Tip 2003-21, (Jan. 30, 2003) -- With the Child Tax Credit, you may be able to reduce the federal tax you owe by $600 for each qualifying child under the age of 17, according to the IRS. A qualifying child for this credit is someone who:

The credit is limited if your modified adjusted gross income is above a certain amount. The total credit – not the per child amount – is reduced by $50 for each $1,000 (or part thereof) that your adjusted gross income exceeds the threshold amount. The amount at which this phase out begins varies depending on your filing status:

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