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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.
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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