16 Income Tax Changes Coming in 2023

No earned income tax credit for seniors

For many years, one of the most valuable and appreciated credits in the tax code was the earned income tax credit (EITC), which was UNAVAILABLE to those taxpayers who were 65 years and older.

However, a federal law known as the American Rescue Plant Act of 2021 raised the age limit for the 2021 tax year, which basically meant that some of those seniors who worked in 2021 were able to receive the EITCH when they filed for their last return.

However, that particular change only applied for the 2021 tax year. So now, under the current tax code, there are no seniors aged 65 and older that could qualify for the EITC in the future.