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Should the 2018 Child Tax Credit calculation in Turbo Tax be using an income threshold for MFJ was $400,000? Turbo Tax still using $110,000 in its 2018 calculation? Why?
2018 Turbo Tax is using an income threshold of $110,000 for the Child Tax Credit for Married Filing Jointly calculation (which is the limit for 2017 tax years and prior) and reducing my credit incorrectly. Shouldn't the income threshold for 2018 (for calculating this credit) be $400,000 for Married Filing Jointly? My credit is being incorrectly reduced because of an AGI of approximately $127,000. See below.
In 2018, the credit will be available to far more households, thanks to a massive raise in the phaseout thresholds. Here's a quick guide to the Child Tax Credit phaseout thresholds for 2018.
Tax Filing Status
Maximum AGI for Full Credit
AGI Where Credit Disappears
Single
$200,000
Over $240,000
Married filing jointly
$400,000
Over $440,000
Head of household
$200,000
Over $240,000
Married filing separately
$200,000
Over $240,000