I can't see your tax return to tell you why you owe this year versus last year. However, there may be several reasons why you may have a shortfall. The following are some suggestions to help you find the reason why.
- Double check the amounts you entered into TurboTax to make sure they were entered correctly.
- Do an income tax return line by line comparison to see what is different this year versus last year.
- Your 2020 federal Tax Withholding was lower than 2019.
- You deferred less income into your Employer-Sponsored Retirement Plan or Flexible Savings Plan.
- You didn't qualify for a tax credit you received last year (or the credit amount decreased).
- You removed a dependent.
- You changed your filing status.
- If you itemize, your Itemized Deductions are lower this year. or the standard deduction is lower.
If you have two W-2's in 2020, see Why did my refund drop when I entered a second W-2?
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