You should owe a little since that means you haven't wasted a year's worth of interest on your own money. I used to adjust things so that I owed about $50, not too bad. However, last year I took out a huge home equity loan and didn't adjust my taxes so I got a refund. I was really looking forward to going a bit wild with it - Photoshop, scanner, printer, etc. Lucky I didn't spend it before I got it since It turns out that the refund is just $25 shy of paying for Newcat's radio-iodine treatment!