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Taylor, who turned 22 earlier this week, finished second on the list, earning $45 million this year, thanks in part to the continued success of her 'Speak Now' CD and worldwide tour of the same name. She's topped on the list, not surprisingly, by pop-culture icon Lady Gaga, whose total take for the past year exceeded $90 million.
Meanwhile, Carrie placed seventh on the list, banking an impressive $20 million, outpacing all other former 'American Idol' contestants for 2011. Earlier this year, Taylor and Carrie both landed on Forbes' list of Best Paid Celebrities Under 30. Other women on the list, which covers a period from May 2010 to May 2011, include Adele, Katy Perry, Celine Dion, Britney Spears and Beyoncé.
Chances are Taylor and Carrie will make Forbes lists next year as well, as both have promised to release new albums in 2012. Taylor will head to Australia in March for the final leg of her Speak Now world tour, while Carrie will most likely hit the road later in the year.