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>>Married Filing Joint - $400,000
Is that the cap? Does it mean that if your income > 400K then CTC is 0?
Would you please clarify?
According to the IRS:
"The second phaseout won’t begin to reduce the remaining Child Tax Credit until your modified adjusted gross income (AGI) in 2021 exceeds:
The second phaseout reduces, down to zero, 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 applies to you."
This is after the first phase that reduces the credit to 2,000 per eligible child.
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