1. The new Child Tax credit phases out with income in two different steps:
- The first phaseout can reduce the CTC to $2,000 per child
- The second phaseout can reduce the remaining CTC below $2,000 per child
2. The first phaseout of CTC is reduced by $50 for each $1,000 (or fraction thereof) by which your MAGI exceeds the following income thresholds
• $150,000 if MFJ or if filing as a qualifying widow/widower
• $112,500 if filing HOH
• $75,000 if single or MFS
3. The second phaseout of CTC is reduced by $50 for each $1,000 (or fraction thereof) by which your MAGI exceeds the following income thresholds
• $400,000 if MFJ
• $200,000 all other filing statuses
With your MAGI at $192k, you are affected by the first phase out and your child tax credit is reduced to $2,000 per child under 18 for a total of $4,000 for 2 children. As you have received $2,100 in advance child tax credit payments, your balance is $1,900.
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