If you didn't have enough taxes withheld from your paychecks, you end up owing once you file your tax return.
Some other common reasons why you might owe this year:
- You did not qualified for the full amount of the Child Tax Credit. If you don't have any Tax liability you will only receive the additional Child Tax Credit.
- You changed your Filing Status.
- You didn't qualify for the Earned Income credit. When you qualify, the credit amount will go up as you earn more income, but once you earn too much, it will go down eventually to zero. TurboTax will figure out exactly how much you’ll receive.
- Your income increased.
- You lost a dependent.
I recommend that you make a line by line comparison with last year's return to see what is different this year.
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