Why am I paying much more on my tax this time than other years?

[CP01]

I entered all the right information pay stubs around 120k and imported my tax forms for 1099 Int and Div but never had to pay this much is all the years so was wondering if the calculations are correct or can you please let me how much do I get tax if INT is around 30k, Div is around 8k and 1099 B is around a thousand would i need to pay the federal around 7k? Is this right please let me know. 

[DawnC]

It depends - you will need to view your tax return to see how your tax was calculated.   Did you have enough withholding for your tax bracket on your W-2?  

Preview Form 1040 in TurboTax Online.

Use Forms Mode if you are using the desktop software.

[CP01]

With the information I provided do you think the amount is right to pay for federal tax? 

[ThomasM125]

We would need more information than just your income to estimate your tax. I suggest you compare your Form 1040 and schedules 1 to 3 with the same from the previous year to see what changed. Often, your tax withheld as reported in line 25 of your Form 1040 did not keep up with the increase in your income when you end up owing more than you anticipated.

To view your form 1040 and schedule 1 to 3:

1. Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
2. Choose Tools
3. Choose View Tax Summary
4. See the Preview my 1040 option in the left menu bar and click on it
5. Choose the Back option in the left menu bar when you are done 

[CP01]

I don't have schedule 1 & 2, just schedule 3 and the only difference I see is 2b taxable interest.  Where can I find schedule 1 & 2. thanks

[LindaS5247]

If you have entered everything correctly into the TurboTax program, the calculations will be correct. It's easy to type in an incorrect number and not notice it. 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 should check your income entries, such as W-2's and 1099's to make sure they are correct.

There are several reasons why your taxes may be higher this year even though you made a similar amount of money. These include:

1. The tax brackets changed in 2024 due to inflation, which may pushed you up to a new higher  tax bracket 
2. Calculation error. You should check your W-2's and other income entries and make sure they were entered correctly.
3. If you worked multiple jobs. This often results in a lower refund because your withholding for each job is based on working only one job, therefore your withholding is not enough.
4. You got a significant raise but did not increase your withholding. (You should adjust your Form W-4 when your pay changes significantly)
5. You had a change in filing or marital status. 
6. You took an early withdrawal from a retirement account.  This would have a penalty.
7. Your child's age no longer qualifies you for the Credit for Other Dependents or the Child Tax Credit
8. You paid off your mortgage and no longer have the deduction for mortgage interest
9. You paid off student debt so you no longer have the interest deduction
10. You had less medical expenses or charitable contributions.
11. You had a change in filing status

If you 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.)

You can also preview your tax return to make sure everything is accurate. You can do this by following the instructions below.

Try previewing your actual return as it is a more accurate reflection of your return. 

You can get to your tax return in TurboTax desktop as follows:

1. Switch to Forms Mode, and then  (see screenshots below for additional guidance)
2. Scroll through your forms in the left panel and 
3. Click on the form you want to preview (Example Form 1040)

You can get to your Tax Return in TurboTax Online as follows: 

1. Go to "Tax Tools" in your left panel,
2. Select "Tools" and then 
3. Select "View Tax Summary" and 
4. Select "Preview Form 1040"

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?