You may owe taxes to the federal and/or state because your withholding is too low. You can adjust your withholding by submitting a new Form W-4 to your employer.
You can use the TurboTax W-4 Withholding Calculator to help you find the right withholding when completing a new W-4. You can use this info to boost your refund or increase your take-home pay.)
The IRS also has a W-4 calculator.
Some of the common reasons why you may owe federal taxes are:
- You had new sources of income.
- Your withholding is not enough.
- You had less charitable contributions.
- You had fewer medical expenses.
- You changed filing status (I.e. changing from Married filing jointly to single will cause a jump in your taxes).
- You had less mortgage interest.
- You have fewer tax credits, such as Earned Income Credit,, Child Tax Credit, American Opportunity Tax Credit, Lifetime Learning Credit)
Click here for "How do I update and print a new W-4?"
Click here for "Why do I owe taxes?"
Click here for "Video: Why Would I Owe Federal Taxes?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
