Here are Few Changes For Child Tax Benefits

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 14, 2011 -- The 2010 child tax credit has been extended through 2011 and 2012. If your child qualifies, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child.
In fiscal year 2009, tax credits and tax expenditures accounted for $132 billion of assistance to families with children.
This checklist serves as a tool to help you determine if you qualify:
Age – A child must have been under age 17 (age 16 or younger) at the end of the year.

Relationship – A child must either be your son, daughter, stepchild, foster child, brother, stepbrother, step sister, or a descendant of any of these individuals, which includes your grandchild, niece, or nephew.
Note: an adopted child lawfully placed with you is always treated as your own child.
Support – the child must not have provided more than half of their own support.
Dependents – you must claim the child as a dependent on your federal tax return.
Citizenship – the child must be a U.S. national, or U.S. resident alien.
Residence - The child must have lived with you for more than half of the tax year.
Limitations – The credit is limited if you modified adjusted gross income is above a certain amount. The amount varies depending on your filing status.

Married and filing joint return: the phase – out begins at $110,000.
Married and filing a separate return: the phase – out begins at $55,000.
For all other taxpayers: The phase – out begins at $75,000.

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