I am working on filing my taxes, and it is saying I owe in $700, however I'm not understanding why, as I worked all year and paid taxes all year. I made $5000 less.

susan-cheeseman · ‎February 12, 2020

MayaD · ‎February 12, 2020

Make sure you entered all your forms and information.

There are many reasons why you might owe $700 this year, such as:

You did not have enough taxes withheld during the year.
You changed your Filing Status.
Number of dependents claimed this year.
You did not qualified for the full amount of the Child Tax Credit.
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.

I recommend that you print a copy of last year's return and make a line by line comparison with this year's return.

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MayaD · ‎February 12, 2020

Did you receive a 1099 MISC?

Were you self employed?

Do you have a child that turned 17 during the tax year?

Did you double check all your entries?

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