This is very confusing.
I have the IRS instructions for 1099-R. For Box 7 codes, it says:
8 -- Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022.
P -- Excess contributions plus earnings/excess deferrals taxable in 2021.
Aren't our earnings on excess contributions taxable for the year 2021 and therefore P??
And, what year should I put on the substitute 1099-R. The investment company will send us a 1099-R in January of 2023 for this withdrawal transaction, but I think it will have 2022 for the year.
