What is the income phaseout level for the Child Tax Credit for a single taxpayer?

The income phaseout level for the Child Tax Credit for a single taxpayer is set at $75,000. As a taxpayer's modified adjusted gross income (MAGI) exceeds this threshold, the credit begins to be reduced. For single filers, the Child Tax Credit phases out at a rate of $50 for each $1,000 of income over the phaseout threshold. This means that for incomes beyond $75,000, the amount of credit available decreases, which ultimately affects the tax benefit that can be claimed. Understanding these phaseout levels is essential for accurately determining tax liability and maximizing available credits.