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Once the amount in Turbo Tax turns red, it means that you owe taxes, and you'll have to pay them by 15-April. The way the taxes are calculated, along with more restrictions to the amount you can deduct from mortgage and property taxes, caused a lot of people to owe taxes at the end of the year. Be sure to check your W-2 form, and increase the per-pay-period amount you pay to avoid this next year.
If you didn't have enough taxes withheld from your paychecks, you end up owing once you file your tax return.
Some other common reasons why you might owe this year:
I recommend that you make a line by line comparison with last year's return to see what is different this year.
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