07/21/2021
As advances for child tax credits have started to come through, many are wondering what their limits are and when the advance phases out. Here are the phase out numbers below.
Those earning $75,000 or less (or couples who earn $150,000 or less) get the full amount
As long as your adjusted gross income, or AGI, is $75,000 or less, single taxpayer parents will qualify for the full child tax credit amount. After $75,000, the amount begins phasing out. At $240,000, single filers phase out of the tax credit entirely
⚪️If you're married and filing jointly with your spouse, your AGI needs to be $150,000 or less to qualify for the full child tax credit amount. At $440,000, couples will phase out of the tax credit entirely.
🔴The credit phases out by $50 for every $1,000 of income over the threshold amounts for all filers.
⚪️As a head of household, your AGI will need to be $112,500 or less to qualify for the full child tax credit amount. The amount you could get begins phasing out if your income is over that amount, and by $240,000 you phase out of the tax
