There is a lot of money that young adults between the ages of 18 and 24 are eligible for this tax year but you need to file your taxes to get this money $$$$$.
Step 1: Identify where you’re filing your taxes (IRS or getyourrefund.org)
To file your taxes, first check to see if you qualify for one of the resources below. These resources allow you to file your taxes for free and provide support as you file.
Step 2: Prepare Your Documents
Now that you know where you’re filing, it’s time to prepare your documents!
When you file your taxes you will need certain documents and basic information like your social security number. For a list of what to have with you when you file, use this checklist.
What are Tax Credits? (Hint: More $$$$)
When you file your taxes, you can claim credits that you are eligible for. A tax credit allows you to subtract the credit amount from the total amount you owe, which can increase your refund or allow you to pay less.
For example, if you file your taxes and you owe $1,000 but you qualify for and claim $1,502 from the Earned Income Tax Credit, instead of paying $1,000 you would get a $502 refund. Isn’t that cool?
Tax credits can be confusing and we aren’t asking you to master them, or even understand them. That’s what the tax resources above are for! The resources above can help you determine if you qualify for any credits.
Step 3: Remember These Three Tax Credits
- EITC (Earned Income Tax Credit): This is a big one this year, because there were changes due to COVID that made more young people eligible. Young people ages 18 or older who are or have been in foster care or homeless may be eligible for the EITC if they made any money from work last year. You can use our eligibility screener to see if you are eligible.
- CTC (Child Tax Credit): Young people who are parenting may also be eligible for the CTC and can receive it even if they did not make any income last year.
- EIPs (Economic Impact Payments): Young people may also be eligible for any of the previous EIPs, also referred to as stimulus checks, that they have not yet received. You are eligible for EIPs even if you did not make any money last year.
Frequently Asked Questions
Do I have to file my taxes?
If you are filing as a single adult (meaning you are not married and you do not have any dependents), you must file your taxes if you made over $12,550 last year. If you made less than this, you are not required to file, but you should still consider filing, because you may get money back!
What if I don’t know my social security number?
You can apply for a replacement social security card HERE.
How do I know if I was considered homeless?
You are considered as experiencing homelessness if you were:
- Temporarily Staying with Other People
- Staying in Emergency or Transitional Shelters
- Staying in Motels, Campgrounds, Cars, Parks, Abandoned Buildings, Bus or Train Stations, or any Public or Private Place not Designed for Humans to Live in
- Staying in Substandard Housing
For more information, check out our definition resource HERE.
I’m not experiencing homelessness now, but I was homeless last year. Would I qualify for EITC?
If you were experiencing homelessness last year, you would qualify for EITC if you meet the other eligibility criteria. To see if you qualify, use our eligibility screening tool HERE.
How will the IRS verify I was a homeless or foster youth?
By claiming the EITC and filing your completed tax return, you provide consent to the IRS to confirm that you experienced foster care or homelessness with the appropriate agency. There should not be any required documents proving you were a homeless or foster youth when you file.
I don’t have a bank account. How will I get my refund?
You have options! Look into opening a prepaid debit card like one from BlueBird or Walmart. Both of these options allow you to receive your tax refund through direct deposit for $0. You can also request a paper check from the IRS.