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Why have my taxes doubled?

Our income went up this year and federal credits decreased, but we didn't change tax brackets, so I expected our taxes owed to go up somewhat. I didn't expect them to more than double! Based on the numbers below, is there a simple explanation? Or could there be a mistake somewhere?

 

2023

Total Income: $132,578

Federal Deductions: $28,300

Taxable Income: $104,278

Federal Credits: $4500

Federal Taxes Owed: $9042

 

2024

Total Income: $172,395

Federal Deductions: $31,468

Taxable Income: $140,927

Federal Credits: $2527

Federal Taxes Owed: $18568

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1 Reply

Why have my taxes doubled?

More income = more tax

 

 

We cannot see your screen, your return or your account.  Have you entered ALL of your 2024 information?  All your income, etc.?  Many tax documents that you need do not arrive until late January or even February, so maybe you do not have it all there yet.

 

 

There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17?  If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC)  Are you 65 or older ?  If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.

 

 

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/...

 

Print out 2023  and 2024  and compare them side by side to see what is different. 

 

 

https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN

 

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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