Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $117,000. By how much is their child credit reduced in 2015?

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The child tax credit is phased out for taxpayers with AGIs above certain levels. For married couples filing jointly, the phase-out begins at $110,000. For every $1,000 of AGI above $110,000, the child tax credit is reduced by $50. Curly and Rita's AGI is $117,000, which is $7,000 above the phase-out threshold. Therefore, their child tax credit is reduced by $7,000 x $50 = $350.

Curly and Rita Are Married, File a Joint Return, and Have