Читать книгу J.K. Lasser's 1001 Deductions and Tax Breaks 2022 - Barbara Weltman - Страница 25

You must have modified adjusted gross income (MAGI) below a set amount. The credit you are otherwise entitled to claim is reduced or eliminated if your MAGI exceeds a set amount. MAGI for purposes of the child tax credit means AGI increased by the foreign earned income exclusion, the foreign housing exclusion or deduction, or the possession exclusion for American Samoa residents.

The credit phases out in 2 stages: first for the amount above $2,000 and then for the remaining $2,000. The credit amount above $2,000 is reduced by $50 for each $1,000 of MAGI or a fraction thereof over the MAGI limit for your filing status. The phaseout begins if MAGI exceeds the limits found in Table 1.1. The remaining $2,000 credit phaseout limits are in Table 1.2.