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posted Mar 4, 2025 11:32:00 AM

As a joint filing couple we made less money this year than last year, have a larger standard deduction than last year but owe $300 more in taxes? How could this be?

Lower income, higher standard deduction but higher tax rate aka blended rate of 11% this year vs 10% last. Did tax rates go up in 2024? No major changes to my 2023 vs 2024 tax filings.

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2 Replies
Level 15
Mar 4, 2025 11:47:07 AM

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

 

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

 

Expert Alumni
Mar 4, 2025 11:48:37 AM

No, the 2024 tax brackets are actually just a bit lower than 2023.

 

I suggest you compare your 2024 Form 1040 to your 2023 Form 1040 to see what changed, there are so many possibilities. 

Did you have different types on income? Capital Gains?

What was your taxable income? On Line 15

What was your tax liability for each year? On Line 16

Did you have different credits? (lines 17-20)

Did you have different refundable credits? (line 28, or 29) 

 

@rtz_mail