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Get your taxes done using TurboTax
you know you have a big gambling income and your AGI will be over $150,000
The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:
- $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
The Child Tax Credit won’t begin to be reduced below $2,000 per child until your modified AGI in 2021 exceeds:
- $400,000 if married and filing a joint return; or
Since you will be reduced, you might have to pay back some of the credit received in advance in 2020.
August 2, 2021
6:10 AM