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ggfun123
New Member

The tax threshold information on TurboTax for the child tax credit is wrong it is $200,000 filing single $400,000 filing jointly

 
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KurtL1
Expert Alumni

The tax threshold information on TurboTax for the child tax credit is wrong it is $200,000 filing single $400,000 filing jointly

Yes, you are correct. The phase out begins for Married Filing Jointly at $400,000 and for Single, Head of Household and Married Filing Separate at $200.000

 

Per the Child Tax Credit and Credit for Other Dependents Worksheet for each filing status the tax credit is reduced by $50 for each $1,000 of income above the amounts above. When the taxpayer's income goes above $440,000 or $240,000 they will not be entitled to any child tax credit. 

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1 Reply
KurtL1
Expert Alumni

The tax threshold information on TurboTax for the child tax credit is wrong it is $200,000 filing single $400,000 filing jointly

Yes, you are correct. The phase out begins for Married Filing Jointly at $400,000 and for Single, Head of Household and Married Filing Separate at $200.000

 

Per the Child Tax Credit and Credit for Other Dependents Worksheet for each filing status the tax credit is reduced by $50 for each $1,000 of income above the amounts above. When the taxpayer's income goes above $440,000 or $240,000 they will not be entitled to any child tax credit. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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