Hello,
If you are not sure if enough taxes are being taken out of your paycheck, I would suggest using a W-4 calculator to help with this decision.
Here are the links to a TurboTax and an IRS W-4 Calculator:
TurboTax
https://turbotax.intuit.com/tax-tools/calculators/w4/
IRS W-4 :
http://www.irs.gov/W4App
Feel free to review the following website for more information regarding the Child Tax Credit:
https://turbotax.intuit.com/tax-tips/family/7-requirements-for-the-child-tax-credit/L3wpfbpwQ
With a new job, you may want to review the family income test information to make sure that you are eligible for the Child Tax Credit.
The 2021 Child Tax Credit is reduced if your 2021 modified adjusted gross income (MAGI) is above certain amounts which are determined by your tax-filing status.
- Qualifying families with incomes less than $75,000 for single, $112,500 for head of household, or $150,000 for joint returns are eligible for the temporarily increased credit of $3,600 for children under 6 and $3,000 for children under 18. Above these income amounts, the credit is reduced by $50 for each $1,000 over these limits.
- For families with MAGI greater than the amounts eligible for the increased credit, the phaseout of the credit begins with $200,000 in income ($400,000 for married filing jointly) and the credit amount is $2,000 for all children under 18 at the end of the tax year.
- Your greatest available credit is based on the above method that provides you with the largest benefit.
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