To calculate the tax credit for childcare expenses, multiply your qualifying expenses by the tax credit rate for your family income. The amount of your qualifying expenses is the lesser of the following: your childcare expenses that qualify for the credit for the year; the childcare expense limit.What is the income limit for the child tax credit?
The child tax credit is also subject to income limitations based on your AGI. For tax year 2020, the income limit phaseout begins at $400,000 for married filing jointly and $200,000 for single or head of household. Learn more and figure your estimated credit on the IRS website.When does Child Tax Credit phase out?
The Child Tax Credit is available to taxpayers who have children who are under age 17 at the end of the tax year. For 2020, this means that any children who reach their 17 th birthday prior to January 1, 2021 are not eligible for the credit.