"it" refers to the subject of the paragraph - the 1099-R. Depending if you choose to make the recharactorized Traditional IRA contribution deductible or non-deductible then either a 1040 Schedule 1 with the deductible contribution on line 19 or if non-deductible, a 8606 form with the non-deductible contribution on line 1, gets sent to the IRS along with your explanation statement as mentioned above.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
