Daycare.com Forum

Daycare.com Forum (https://www.daycare.com/forum/index.php)
-   Daycare and Taxes (https://www.daycare.com/forum/forumdisplay.php?f=8)
-   -   pg 141 Of Tom Copeland's Tax Workbook (https://www.daycare.com/forum/showthread.php?t=91278)

Daycarefamily 02-09-2019 03:05 PM

pg 141 Of Tom Copeland's Tax Workbook
 
Says the child tax credit phases out under 2017 levels but it has been increased for 2018.

TomCopeland 02-09-2019 05:40 PM

Child tax credit
 
Quote:

Originally Posted by Daycarefamily (Post 696228)
Says the child tax credit phases out under 2017 levels but it has been increased for 2018.

Both are true. If you make more than $110,000 married filing jointly, the $2000 tax credit will be reduced by $50 for every $1,000 of income above this amount.

Daycarefamily 02-09-2019 05:58 PM

So the 2017 phaseouts do apply in 2018!! There is alot of bad information online. Some online sites are saying that 2018 phaseouts are $400k for married filing jointly. Thanks you for the clarification!

TomCopeland 02-09-2019 10:25 PM

child care tax credit
 
Quote:

Originally Posted by Daycarefamily (Post 696236)
So the 2017 phaseouts do apply in 2018!! There is alot of bad information online. Some online sites are saying that 2018 phaseouts are $400k for married filing jointly. Thanks you for the clarification!

Actually, now that I looked at this closer I was wrong! The credit for 2018 starts to phaseout out at $400,000 for married filing jointly and $200,000 for single. So, you were right! I got it wrong in my book. Sorry.

Daycarefamily 02-10-2019 10:40 AM

So then it is $400k. Thank you for clearing that up.


All times are GMT -7. The time now is 01:30 AM.