WHAT HAPPENS IF A FAMILY MAKES MORE THAN THE INCOME 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.
However, families who earn above the thresholds may still qualify for the regular child tax credit.
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.
Anyone earning above that threshold doesn’t qualify for any child tax credits.
This post first appeared on thesun.co.uk
