Why my federal taxes are so high this year?
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Why my federal taxes are so high this year?

Last year I owed ~$1000 for federal and this year it is above $3000...and our jobs (wife and I) are the same - nothing has changed that I am aware of.

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Why my federal taxes are so high this year?

I would highly recommend you compare this year's Tax Return to last year's Tax Return line by line to pinpoint any differences.  Doing this will help you see exactly why you owe more tax during 2017 than last year.  Also, double check your input to make sure everything has been entered correctly in TurboTax.

There are many reasons that your balance due could be higher this year compared to last year.  Some of the most common reasons include:

  • Your Income Increased or Decreased
  • Your Federal and/or State Tax Withholding as a Percentage of Wages decreased
  • You deferred less income into your Employer-Sponsored Retirement Plan or Flexible Savings Plan
  • You qualified for a Tax Credit in previous years that you didn't qualify for this year
  • You deleted a Dependent or your Dependent reached the age of 17 during the year
  • If you Itemize, your Itemized Deductions were lower this year compared to last year
  • You changed your Filing Status

Check out the TurboTax FAQ below for more information regarding a decrease in your refund from previous years: 

https://ttlc.intuit.com/replies/3301788

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