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Deductions & credits
Are you filing as Married Filing Jointly and your 2021 Adjusted Gross Income is more than $150,000?
If so, the Child Tax Credit will be reduced.
Go to this IRS website for information - https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-t...
A4. 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;
- $112,500 if filing as head of household; or
- $75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.
March 27, 2022
8:27 AM