I am assuming you are wondering why you owe taxes. 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 2018 and 2019 return and compare them. This will help you determine what has changed. Click here for more information: https://ttlc.intuit.com/replies/3301788

Question

Tax Year Prior to 2020: Why do I owe money

Forum|Forum|6 years ago
February 5, 2020
2 replies
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TurboTax Deluxe Online

W

WillK

Employee

I am assuming you are wondering why you owe taxes.

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 2018 and 2019 return and compare them. This will help you determine what has changed.

Click here for more information: https://ttlc.intuit.com/replies/3301788

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

C

Caddygirl62

I paid $468 why do I still owe money

DMarkM1

When you mention you paid $468 was that your quarterly estimated payments? Those payments are estimates only and sometimes will not completely cover your tax liability, but does help avoid any penalties. Income that increased more than you estimated would be a reason your estimated tax payments may not have covered your actual tax liability for the year.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"