Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
A
anguyen10227
March 27, 2025
Question

8606-T - Explanation Stm

  • March 27, 2025
  • 1 reply
  • 0 views

I got 1099-R form with box 1 and 2a with amount of 0.00.  Box 7 has code of 7 with IRA/SEP/SIMPLE box checked. I am asked to enter explanation to complete the return of Prior Year Excess Traditional IRA Contributions. What should I enter? Any suggestion would be appreciated. Thanks.

    1 reply

    D
    dmertz
    March 27, 2025

    Omit this Form 1099-R from your tax return.  It indicates that no distribution occurred.

     

    Unless this is a CORRECTED Form 1099-R replacing another than mistakenly reported a distribution that actually did not happen, the fact that this Form 1099-R was issued doesn't make much sense.  If it is a corrected Form 1099-R, omit both this form and the original.

      A
      anguyen10227Author
      March 27, 2025

      Yes, this is a CORRECTED form 1099-R to replace another that mistakenly reported a distribution that actually did not happen.  Thanks for the advice.

      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsCookie settingsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification