Something to ponder as tax-filing season officially gets underway — metro Denver residents are much more likely to owe money when filing their federal returns, according to a new study from MagnifyMoney, a personal finance website.

MagnifyMoney looked at tax returns for residents of the 100 largest U.S. cities between 2012 and 2016 to see where taxpayers owed the most and where they had the largest refunds.

Among the 100 metros, 17 percent of returns had an obligation, with the average amount still owed at $5,294.

A quarter of San Francisco taxpayers owed money, with the average amount due at $7,226. Next in line for coming up short was Denver, where 22 percent of returns filed had an obligation that averaged $5,607.

Other cities where tax returns were more likely to carry a deficit were Sacramento, Calif.; San Diego; Minneapolis; Boise, Idaho; Phoenix; Sarasota, Fla.; and Washington.

Taxpayers in Western cities were more likely to have to make a payment, while those in the South were more likely to pocket a refund. Mandi Woodruff, an executive editor at the New York website, said the study didn’t dive into the why behind geographic variations.

“We did find that in metros where people reported itemizing, they also incur higher tax bills,” she said.

Higher-income households are more likely to itemize, and with different streams of income and more complex tax situations, they are more at risk of underpaying. Gig workers, small-business owners and others with fluctuating incomes may also miss the mark in setting set aside enough in estimated tax payments, especially in a recovering economy.

The Denver area consistently ranks among the top 10 for startups, according to the Kauffman Index of Startup Activity.

Also, while some people like the forced savings that a refund represents, others don’t want to provide the government with an interest-free loan. They would prefer to hold on to their money for as long as they can, even if it means paying a larger sum.

By a wide margin, most people are in that first camp, even in Denver, where 72 percent of taxpayers received a refund that averaged $2,807. Nationally, the average refund was $3,052.

Metros with an above-average share of returns with refunds or refund amounts included Fort Myers, Fla.; Miami; McAllen, Texas; New York; and Houston.

Another way to look at taxes owed is the share of income they represent. For Denver-area taxpayers owing, the unpaid obligation was at 8 percent of income, which matches the national average. In McAllen, Texas, the average obligation was closer to 16 percent.

Woodruff said taxpayers should avoid surprises and at least pay enough to avoid underpayment penalties. Likewise, people struggling financially shouldn’t lock up money they need to meet monthly expenses in a refund.

“The worst thing you can do is ignore your tax bills,” she said. “You have to file your taxes. How you pay your taxes is a bit more flexible.”

Only 6 percent of metro Denver returns hit the target of paying exactly what they owed in taxes over the period studied.