Should the 2018 Child Tax Credit calculation in Turbo Tax be using an income threshold for MFJ was $400,000? Turbo Tax still using $110,000 in its 2018 calculation? Why?

[sallysemail]

2018 Turbo Tax is using an income threshold of $110,000 for the Child Tax Credit for Married Filing Jointly calculation (which is the limit for 2017 tax years and prior) and reducing my credit incorrectly.  Shouldn't the income threshold for 2018 (for calculating this credit) be $400,000 for Married Filing Jointly?  My credit is being incorrectly reduced because of an AGI of approximately $127,000. See below.

In 2018, the credit will be available to far more households, thanks to a massive raise in the phaseout thresholds. Here's a quick guide to the Child Tax Credit phaseout thresholds for 2018.

Tax Filing Status

Maximum AGI for Full Credit

AGI Where Credit Disappears

Single

$200,000

Over $240,000

Married filing jointly

$400,000

Over $440,000

Head of household

$200,000

Over $240,000

Married filing separately

$200,000

Over $240,000

[TaxGuyBill]

For the most part, the newly released program uses the previous year's numbers.  It takes about a month for them to update most things to the current year's 2018 numbers, and at least another month to get the major bugs and errors out.

In other words, the program is pretty much useless for the first month, and not really reliable for at least the first two months.

[sallysemail]

Good to know.  Thank you!

[Opus 17]

Turbotax plans to release weekly updates, they have stated that they expect it will be the end of December before all the tax law changes are implemented.  Also, some issues have not been finalized by the IRS—the law is in place but the IRS needs to create regulations, forms and instructions to implement the law, get them through the approval process, and then test and approve the various tax software company's implementation.

[ihatetaxes858]

Hi Turbotax, has the Child Tax Credit change been applied?  I'm not seeing the calculation either as of 1/28/2109.