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Why do I owe so much this year?

I made $4,000 more than last year, and I understand I owe more because of the "withheld taxes" however, why was so little withheld this year? I know I'm on a lower bracket
1 Reply
Level 9

Why do I owe so much this year?

There are several factors that go in to determining the taxes an individual owes. 

Your income could have increased which might have:

  • Put you in a higher tax bracket, 
  • It could have reduced or eliminated some deductions or credits
  • The tax laws changing year to year will determine the amount of taxes that need to be paid as well. 

If your income decreased that sometimes can reduce your refund due to you not having enough earned income to receive the deductions or credits you did before. 

To see what had changed between last year and this year, please print off your 2015 and 2016 return and compare them. This will help you determine what has changed. 

Click here for more information:

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