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Daycare and Taxes>pg 141 Of Tom Copeland's Tax Workbook
Daycarefamily 03:05 PM 02-09-2019
Says the child tax credit phases out under 2017 levels but it has been increased for 2018.
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TomCopeland 05:40 PM 02-09-2019
Originally Posted by Daycarefamily:
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.
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Daycarefamily 05:58 PM 02-09-2019
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!
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TomCopeland 10:25 PM 02-09-2019
Originally Posted by Daycarefamily:
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.
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Daycarefamily 10:40 AM 02-10-2019
So then it is $400k. Thank you for clearing that up.
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