- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
This is quite possible.
The child tax credit begins to phase out at modified AGIs of $400,000 on joint returns and $200,000 on single or head-of-household returns. The amount of the credit is reduced by $50 for each $1,000 (or fraction thereof) of modified AGI over the applicable threshold amount.
So if the $19 addition to your MAGI makes it go over the next tranche of $1,000 even by a dollar, your child tax credit is reduced by $50.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 11, 2023
5:36 AM
466 Views