16 Income Tax Changes Coming in 2023

Bad News

There won’t be any recovery rebate credit

For the past two years, a wide majority of the population in America received a stimulus payment, which is what the IRS calls economic impact payments, or EIPs.

For the last two years, those who could receive a stimulus payment but didn’t could claim it now as a tax credit, which is also known as the recovery rebate credit, the moment they filed for their return.

For example, when you filed for your 2021 return, your tax pro or tax software probably asked you if you received the third stimulus payment, which was issued in 2021 and was worth $1,400 per person. That happened so they will know if you have to receive the recovery rebate credit for 2021.