Why do I owe $500 more in taxes than last year having a small amount increase in interest from savings?

[ReginaM]

 There could be a couple of reasons that you owe $500 more in taxes this year than last year.

Back in 2018, the IRS reduced the amount withheld from employee paychecks so people had more take home money. This was done because the IRS did away with the personal exemption and increased the standard deduction. The net affect of this has lowered the amount of refunds realized by the taxpayer. 

You may want to file a new W-4 with your employer if you are not having enough withheld from your employer.  Here is IRS Tax Withholding Estimator that may help decide how much you have withheld from your paycheck.

You may want to verify that you entered everything into TurboTax correctly by following these steps:

1. Select Tax Tools on the left hand side of your screen,
2. Select Tools,
3. Select View Tax Summary,
4. Select Preview my 1040 on the left hand side of your screen.