Dependents

3 replies
9 views

Have 3 dependent above age 6, at $3,000 each should be $9,000.

Our turbo tax form shows an amount of $7,200. Why the difference, and what needs to be done to get the correct starting deduction amount?

Thanks

xmasbaby0

Level 15

Is your income high enough to be in the "phase out" range?

Q C4. How does the first phaseout reduce the 2021 Child Tax Credit to $2,000 per child? (added June 14, 2021)

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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

xmasbaby0

Level 15

Or is one of the dependents over age 17? Did you enter Social Security numbers for all of the children? Did you say they lived with you in the US for at least half the year? When it asked that odd question about whether the child paid over half his own support did you say NO each time?