Why do I need to pay into federal this year

Compare the returns line by line to see the difference. We can’t see your return. 

You can review your Tax Summary or preview your 1040 to get an idea of why you have a balance due. Your tax summary will show a breakdown of your income, deductions, credits, and the final calculation of your tax liability.

 

If you usually get a refund and this is your first time owing, you can compare your 2024 1040 to your 2023 1040 to see where the difference is. Here are some reasons you might have a balance this year:

 

- increased income that's not subject to withholding (such as investment income, freelance work, etc)

- got a raise/promotion but withholdings didn't increase proportionally

- loss of credits/deductions

- multiple jobs (if you started a new job in 2024, sometimes your withholding is not enough to cover your tax for the full year)

 

To review your tax summary:

 

From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)

1. Select Tax Tools 
   
2. On the drop-down select Tools 
3. On the pop-up menu titled “Tools Center”, select View Tax Summary 
4. On the left sidebar, select Preview my 1040