16 Income Tax Changes Coming in 2023

No earned income tax credit for young adults

Normally, the earned income tax credit is available to eligible workers from ages 25 until 64. The lower end of the age range was now lowered for 2021 by the American Rescue Plan Act.

However, it is now available for some workers that are aged between 19 to 24 years also, but also for 18-year-olds who have been in foster care or are even homeless.

Under the current tax code, no one aged under 25 can qualify for the EITC when they file their 2022 tax return in the next year. If you want to learn more and check to see if you received the EITC or how bit it was the past season, check line 27a of your 2021 tax return.