Where my tax accountants at? Need some help! The new increased child tax credit. For those who are head of household your income cannot exceed $112k. Is this for 2020 or 2021? In 2020 I was well below $112k but for 2021 I will be above. Does this mean I will not qualify for the increase?

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It’s also based on AGI. Traditional 401k, IRA, and HSA all directly lower your AGI😃

When you file next year you can check under the recovery rebate credit and see if you qualify since they will use prior year amount to calculate the advance of credit. Filing next year will true up to actual wages for 2021.

Also, TaxAct has a free stimulus line you can call and inquire about for specific questions.

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Thank you for the information!!

It’s also a phase out of I think $50 or $100 (forget which) for every $1k you make above the limit.

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2020 tax is based on 2020 earnings

Dang

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