Child Tax Credit Phase-Out/Reduction

  • Creator
    Topic
  • August 18, 2018 at 9:49 am #1933633
    Anonymous
    Inactive

    Becker and NINJA are saying two different things about the above:
    According to Becker:
    • Phase-Out
    Higher-income TPs must reduce the allowable child credit by $50 for each $1,000 (or fraction thereof) by which modified GI exceeds:
    MFS $55,000
    Single $75,000
    MFJ $110,000

    According to Ninja:
    • The credit will be reduced by one percentage point for each $2,000 of adjusted gross income, or fraction thereof, above $15,000.

    I think I’m lost when to reduce the allowable child tax credit. Please help. Thanks guys!

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