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why i awe taxes ?

every year i get money this year why i awe?
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2 Replies

why i awe taxes ?

We cannot see your screen, your return or your account.  Have you entered ALL of your 2024 information?  All your income, etc.?  All your deductions and/or credits?

 

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/...

 

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.**
MindyB
Expert Alumni

why i awe taxes ?

There are several reasons why this can happen, including increased income, or decreased deductions or credits (if you previously received a Child tax Credit, but your child turned 17 in 2024, that could have a large impact).  

 

If you didn't switch jobs or earn additional income, you can contact your payroll department to fill out Form W-4 and increase your withholding.  

 

See: Why do I owe taxes?

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