Margo and Jonah have two children, ages 13 and 17. Their modified AGI is $410,500. What is their child tax credit?

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The child tax credit is $2,000 per qualifying child. However, the credit begins to phase out when modified AGI exceeds $400,000 for married couples filing jointly. For every $1,000 over the threshold, the credit is reduced by $50. Margo and Jonah's AGI is $10,500 over the threshold, reducing their credit by $525 per child, resulting in a total credit of $1,450.

Margo and Jonah Have Two Children, Ages 13 and 17