If you owe Federal Tax, it would be from an income source that you have entered into TurboTax.
Such as: If you entered Form(s) W-2 your withholding of federal tax may have been too low. If you have a Form 1099-R for a retirement payment, you may have not had enough federal tax withheld. Working multiple jobs often causes under-withholding of federal income tax.
You may still owe taxes to the federal and state even though you did not have much income because your withholding is too low. You can adjust your withholding by submitting a new Form W-4 to your employer.
You can use the TurboTax W-4 Withholding Calculator to help you find the right withholding when completing a new W-4. You can use this info to boost your refund or increase your take-home pay.)
Some of the common reasons why you may owe federal taxes are:
- You had new sources of income.
- Your withholding is not enough.
- You had less charitable contributions.
- You had fewer medical expenses.
- You changed filing status (I.e. changing from Married filing jointly to single will cause a jump in your taxes).
- You had less mortgage interest.
- You have fewer tax credits, such as Earned Income Credit,, Child Tax Credit, American Opportunity Tax Credit, Lifetime Learning Credit)
Click here for "How do I update and print a new W-4?"
Click here for "Why do I owe taxes?"
Click here for "Video: Why Would I Owe Federal Taxes?
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