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bschelstrate
New Member

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

I'm in error-fixing mode and this came up.  It says "Form 8606-S -- Explanation Stm:  Detailed Explanation-1 must be completed...."

1 Best answer

Accepted Solutions
macuser_22
Level 15

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

Glad you found it.


Solved by user.

**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.**

View solution in original post

6 Replies
macuser_22
Level 15

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

Dis you enter a 1099-R with a box 7 code of 8 or P and did not finish answering the interview follow-up questions that ask for the explanation statements?

Return to the interview and go back through it.

Enter a 1099-R  here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu  (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type:  Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE:  When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases.  You can always return as shown 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.**
bschelstrate
New Member

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

Thank you for your suggestions.  This is the right place for the problem, but I still can't seem to solve it.  I am at the "Your 1099-R Entries" screen and have clicked on "continue", but the only questions have to do with whether this was a "qualified disaster distribution", which it was not.  It was simply a "return of a contribution taxable in 2018."  We contributed to our IRAs, then realized we couldn't, and withdrew that contribution, along with the interest we made in the meantime.  Only that interest is taxable.  

I still have the Turbo-Tax problem:  it wants me to fix the error and I don't know how.
macuser_22
Level 15

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

What code is in box 7 on the 1099-R?
what is in box 2a?
Is the IRA/SEP/SIMPLE box checked?
**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.**
bschelstrate
New Member

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

Oh, I think I just fixed the problem!  It wanted an explanation of the distribution and I entered my explanation into Form 8606-S under "Forms."  Now the error-fixing program seems to be letting me continue.  Thanks for your help!
bschelstrate
New Member

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

Thanks for responding again so quickly!  As I said, I think I've solved the problem.  I didn't realize the form just wanted a written explanation for the distribution.  I thought it wanted some kind of number or something!
macuser_22
Level 15

What does the following mean: "(Form 8606-S) Enter your explanation here to complete the Return of IRA or ESA Contributions Before the Due Date of the Tax Return"?

Glad you found it.


Solved by user.

**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.**
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