Have a quick question on child tax credit. I have one kid last year and for 2013, I will be filing for 2 kids. Please let me know if my understanding is correct
For AGI greater than 110,000 for 2013, child tax credit deducts 50 dollars for every thousand
E.g Last year my AGI for 118K so my child credit got deducted by 400 dollars. I got 1000-400=600 dollars tax credit
Now for next year, I will be get child tax credit for 2 kids so considering my AGI is same as 118k, will i get tax credit of 1600 dollars (2000-400=1600)
Please let me know if I am missing something.