Over The Threshold
Families who exceed the designated thresholds will still receive some of the enhanced CTC.
They will be issued $50 less for every $1,000 over an income threshold until the enhanced payments are phased out for people who earn $20,000 more than those thresholds.
For instance, single filers who earn up to $95,000 and married couples with combined incomes of $170,000 would receive smaller payments, but above that, they would be excluded entirely from the expanded benefits.
The regular CTC of $2,000, taken annually on your tax return, is available to single parents who earn up to $200,000. Married couples earning up to $400,000 also qualify. If you’re unsure of where your income falls on the spectrum,use an online tax calculatorto figure out your situation. Most calculators are easily found and are free more often than not.
However, families who earn above the thresholds may still qualify for the regular child tax credit.
Anyone earning above that threshold doesn’t qualify for any child tax credits.