Question

Explanation Statement

Forum|Forum|3 years ago
March 10, 2023
1 reply
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While preparing the form related to IRA distributions, I had to create a statement related to excess contributions. There was a screen that told me what information to provide and that it would be attached to the return when transmitted. However, when I review the final forms, I do not see the statement. I also need to add some additional information but cannot figure out how to access it. Help!

D

DanaB27

If you entered a Form 1099-R for the return of excess contributions plus earnings, then you will get the "Explain the Return of Contribution" screen in the follow-up screens. Please see these steps:

Click "Federal Taxes" on the top and select "Wages & Income"
Click "I'll choose what to work on"
Scroll down and click "Start/Edit" next to "IRA, 401(k), Pension Plan (1099-R)"
On the "Your 1099-R Entries" screen click "continue" (after you have entered all Form 1099-R)
Continue through the questions until the "Explain the Return of Contribution" screen.

When you review the Federal Forms in the Print Center you need to look for "Additional Information From 2022 Federal Tax Return" and it should say "Form 1040: Individual Tax Return
Line 4a Explanation Statement":