The legislation known as the Tax Cuts and Jobs Act (TCJA), doubled the credit amount, increased the refundable portion, and expanded its scope to include dependents other than qualified children. Additionally, the TCJA enlarged the pool of taxpayers eligible for the credit by increasing the adjusted gross income (AGI) ranges.
Under the TCJA, a taxpayer's potential credit amount begins to phase out at $400,000 of modified AGI (MAGI) for joint filers and $200,000 for all others. Formerly, the credit began to phase out at $110,000 for joint filers, $55,000 for married separately, and $75,000 for all others.
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