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Married Filing Jointly Child Tax Credit
My wife and I are married and filing jointly. We have a newborn who was born in Oct. in 2017. We have a gross income of 153k. The IRS calculator says we qualify for the child tax credit but using turbo tax deluxe says we do not. I believe I read there is a cutoff for 110k combined income and for every $1000 over that amount you subtract $50. Does this sound correct for why we wouldn't qualify?
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posted
April 6, 2018
3:40 PM
last updated
April 06, 2018
3:40 PM
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Married Filing Jointly Child Tax Credit
Yes, the Child Tax Credit begins to phase out for joint filers at $110,000, with a reduction of $50 for each $1,000 (or fraction thereof) that your income exceeds this threshold. For more information, please see IRS Pub 972, Child Tax Credit.
April 6, 2018
3:58 PM
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