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Why do I owe so much more in taxes this year as compared to last?

Asked by: jhuntres 347 views YA Discussion

Here is my 2012 breakdown vs. 2011. Very little changed between years. I realize income is higher but my burden has almost doubled.

Federal Tax Summary

2011

2012

Your Total Income

$ 121,843

$ 146,673

Federal Deductions We Found For You

$ 52,355

$ 53,635

Your Taxable Income

$ 69,488

$ 93,038

Federal Credits We Found For You

$ 1,100

$ 0

detailed tax breakdown

How We Calculate Your Federal Refund

Federal Taxes You Owe

$ 8,519

$ 15,316

Federal Taxes You’ve Paid, Plus Credits

– $ 17,199

– $ 20,637

Year-Over-Year Comparison

$ 7,580

$ 5,321

Refund

Refund

How others found here:

  • why do i owe taxes this year
  • why do i owe taxes this year 2013

2 Answers



  1. Max Hoopla on Jan 23, 2013 Reply

    You had a lot more income in a relatively high tax bracket. A lot of us would like to have yout problem.

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  2. falsi fiable on Jan 23, 2013 Reply

    Because you pay the marginal rate of 25% on that last $ 25,000 or about $ 6,000 more.

    Difference between this year and last year is about 6,800.

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