Why do I owe taxes this year and never before

posted

There could be several reasons that you suddenly owe on your tax return this year. For example:

1. Changes in your income (if you earned more in 2024 or had an extra source of income)

2. Changes in withholding (your employer might have withheld less from your paychecks than in previous years)

3. Loss of deductions or credits you qualified for before

4. Tax law changes

5. Life changes

I suggest comparing your 2023 and 2024 returns to pinpoint exactly why your tax situation is different.

Unlock tailored help options in your account.