- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
The tax threshold information on TurboTax for the child tax credit is wrong it is $200,000 filing single $400,000 filing jointly
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Related discussions
view allStill have questions?
Or browse the Forums