Dr. Friday explains the 2024 phase-out ranges for tax credits like the Child Tax Credit and Adoption Credit. She highlights the income thresholds for singles and married couples, shedding light on the impact of marriage penalties in the tax code. Learn how to navigate phase-outs and maximize your credits this tax season.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is a one-minute moment. 2024 income tax phase-out ranges are going to be Child Tax Credit. It starts phasing out for a single person at $200,000, completely gone at $240,000. If you’re married, double it, $400,000, $440,000. Doesn’t quite double, does it?
Adoption Credit. If you’re single, you get Adoption Credit. It starts phasing out at $252,000. It’s completely gone at $292,000. Same as a single person. So sometimes you think, hey, if I’m married, I’m just going to double everything in tax code. There is marriage penalties, people. Sometimes it is not pretty.
So making sure when the phase-outs are, puts more money in your pocket. Go to drfriday.com if you need an appointment. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.