There are a lot of factors that could effect your tax refund or amount due from year to year. Even though you withheld the same percentage on your check, you could owe more taxes by being in a different tax bracket by making the extra money you did. This would increase not only your taxable income, but also your tax bracket (the percentage you are taxed).
2020 Federal Income Tax Brackets and Rates for Singles:
12% $9,876 to $40,125
22% $40,126 to $85,525
24% $85,526 to $163,300
32% $163,301 to $207,350
Some of the other reasons you could see an increase in tax are:
- You no longer qualified for the Earned Income Credit
- You paid off your student loan and cannot deduct any student loan interest
- You are no longer eligible for education credits
- You sold investments
- You had a distribution from a 401k that was not related to Covid-19
To further understand the exact differences, you would have to do a line by line comparison of your return as stated above by AmyC.
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