Answer:
Since John and Shirley's income is above that level, $410,000, they will receive up to $1,500 per qualifying child.
Explanation:
The amount of the child tax credit for 2019 is up to $2,000 per child and $500 per dependent, but if the AGI exceeds $400,000 for a married couple filing jointly, it starts to phase out. The credit is reduced by $50 for each $1,000 over the threshold amount.
Since John and Shirley's income is above that level, $410,000, they will receive up to = $2,000 - (10 x $50) = $1,500 per qualifying child.
The Child Tax Credit John and Shirley with one eligible child will be $1,500 ($2,000 - $50 x $10,000/$1,000).
John and Shirley's modified adjusted gross income is above $400,000, the threshold at which the Child Tax Credit begins to phase out. While they could have claimed $2,000 per child, the amount is reduced by $50 for every $1,000 above $400,000.
Thus, the couple are entitled to Child Tax Credit of $1,500, that is, $2,000 reduced by $500 ($50 x $10,000/$1,000).
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