What Is Your Total Tax Obligation for the Year?

Andy Panko: Your total tax obligation for the year is what you know in total. To the extent you underpay, it gets trueed up a tax return time when you file your return next spring. Any short fall in tax between what your obligation was for the year versus what you actually paid, that's when you owe extra money with your return. A refund isn't like "I did good necessarily" It just simply means you paid more tax than you should have throughout the year.