If you have entered everything correctly into the TurboTax program, the numbers are correct. TurboTax will ask you simple questions about you and give you the tax deductions and credits you're eligible for based on your answers.
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.)
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?
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