Do I need to file an amended return when no taxes are due?

[bmorretta]

Do I need to file amended return?  Received 1099R for return of excess contrib to Self employed 401K.  To illustrate the situation -- $11,000 was put into the 401k Dec 2016.  $10.000 returned Jan 2017.  1040 as filed shows a $1,000 deduction.  the 1040.  The $1,000 is the net amount of $11,000 less the returned $10,000.

[MelaineC · Accepted solution]

I would prepare the amendment but then only send it in if you owe any money or are due any additional refund. There is no cost because you have to mail it in (if you submit it). If you are due an additional refund, you do not have to submit it unless you want to.  For more information as to when to amend and how to do so, please view TurboTax FAQ Do I need To Amend My Return.  At the end of the answer, there are also links, in blue, on how to do so in TurboTax.

It would be best to wait until you have received your refund from the tax return already submitted (if you are expecting one).  This will prevent delays in receiving your refund and you generally have 3 years to amend, from the day your taxes are due or 2 if you paid taxes due to owing taxes.  There usually are no penalties if you will receive a refund.

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