There are numerous reasons why your taxes owed doubled from 2019 even though your taxable income only increased 10%. It is not possible to tell without looking at your tax information.
First check your withholding to make sure you did not make a mistake. Do the amounts in Box 2 of your W-2 (Federal income tax withheld) match what is in TurboTax?
Next, did your situation change? Your total income may have only increased by 10% but if type of income changed, it may have a big impact on your tax due. For example, if you lost your job and collected unemployment and had no tax withheld, that would be the reason. The same applies if you had to tap a 401(k) and had to pay a 10% early withdrawal penalty because you were under age 59 ½.
Or you may have lost some credits. For example, maybe your children got too old for the child tax credit or the daycare credit. Or they graduated college and you could no longer claim an education credit. Or your income may have put you out of reach of the Earned Income Tax Credit or the Saver’s Credit.
A TurboTax tax expert can explain the change to you. To learn how to schedule a review go to How do I schedule my review using TurboTax Live?
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