You'll need to sign in or create an account to connect with an expert.
I can't see your tax return to tell you why you owe this year versus last year. However, there may be several reasons why you may have a shortfall. The following are some suggestions to help you find the reason why.
If you have two W-2's in 2020, see Why did my refund drop when I entered a second W-2?
I went through line by line and the only amount that changed were my 401 contributions. I can’t imagine why increasing those would cause my taxes owed to double.
*for clarity. I paid the same amount of federal taxes this year as I did last year but now I owe $ where last year I was receiving a refund.
Increasing your 401K investment amount would not result in increased taxes owed. Something else has changed to result in your taxable amount being higher on the same amount of income.
@lowreyr
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rhalexda
Level 2
Event_Horizon
Returning Member
AmandaMay38
New Member
dolphin83
New Member
Blingy
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.