Well you probably will owe a lot of extra taxes on the increase in income but they already took out a lot of tax withholding out of it. It's like withholding from your paychecks. You have to enter in all your income and taxes already taken out. And the difference will be what you owe or get refunded. But with that much increase in income you might not qualify for some credits as before like the EIC. We can't tell you how much tax you will owe unless we see your whole tax return.
