George and Martha are married and file a joint tax return claiming their two children,ages 10 and 8 as dependents. Assuming their AGI is $119,650,George and Martha's child tax credit is:

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The maximum child tax credit is $1,000 per dependent child under age 17.The maximum credit must be reduced for higher-income taxpayers.For married taxpayers,the credit reduction is $50 for every $1,000 (or part thereof)of AGI above the threshold amount $110,000,resulting in a reduction of $500 [($119,650 - $110,000)/$1,000 (rounded to 10)× $50] for George and Martha.Therefore,the child tax credit is $1,500 ($2,000 maximum credit - $500 reduction).

George and Martha Are Married and File a Joint Tax