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February 28, 2024
Question

I normally get a small refund every year. This year I owe $265. Does that sound right?

  • February 28, 2024
  • 1 reply
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1 reply

February 28, 2024

Yes, it's definitely possible to owe this year even if you didn't owe last year. 

 

That being said, we have no access to your tax records in Community, so there's no way to say your return is right or wrong based on this information. 

 

A few common reasons people owe taxes when they don't usually, include:
 

  • Receiving a 1099-NEC or 1099-MISC for a "side job".
  • Getting married to someone who also has income.
  • Taking an early distribution from a retirement plan.
  • Losing a dependent, or having a dependent turn 17. 
  • An increase in income, or a decrease in tax withheld. 

 

The best way to find out what is different this year is to compare your tax 2022 and 2023 tax returns line by line. 
 

 

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