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Level 1
February 24, 2025
Question

Why am I ending up paying in taxes when nothing has change to my personal life.

  • February 24, 2025
  • 2 replies
  • 22 views
I completed my online preperation and I am ending up with owing taxes? Why? Nothing has changed in my personal life

    2 replies

    Level 15
    February 24, 2025

    We cannot see your screen, your return or your account.  Have you entered ALL of your 2024 information?  All your income, etc.?  Many tax documents that you need do not arrive until late January or even February, so maybe you do not have it all there yet.

     

    There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17?  If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC)  Are you 65 or older ?  If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.

     

    And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

     

    https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/L97JmhUbi_US_en_US?uid=ld9ijm41

     

    Print out 2023  and 2024  and compare them side by side to see what is different. 

     

    https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    Hal_Al
    Level 15
    Level 15
    February 24, 2025

    I suggest you lay last year's return next to this year's and do a line by line comparison to see what's changed. Otherwise you haven't provided enough info for anyone to answer your question. In the on-line version of TurboTax, the  main Form 1040, 1040A or 1040EZ can be seen through Tools, View Tax Summary, Preview My 1040 or  go to Print Center and then choose to Preview.

     

    2024 Preview 1040 2024 https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US