Your explanation statement is to include the date of the contribution, the date of its return and the gain or loss attributable to the amount being returned (which in this case is zero). This explanation is needed because the 2021 Form 5498 will show the contribution made for 2021 but the corresponding Form 1099-R for the return of that contribution won't be issued until next year and the IRS when evaluating your 2021 tax return needs to know that you did not simply fail to report an excess contribution. TurboTax should prompt you to complete the explanation statement.
