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My income was rounded up $700.00 dollars. Now I do not qualify for the Child Tax Credit. How is this possible?
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That's how it's done for calculating the Child tax credit (CTC). If it had rounded down, it would have only gotten you $50 of CTC.
In 2017, the phase out threshold is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly. For each $1,000 of income (rounded up) above the threshold, your available child tax credit is reduced by $50
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