Yes, since you made the contribution on 1/11/2021 and withdrew the money on 3/22/2022 it has to be “Return of contribution taxable in 2021”. Code P on a 2022 Form 1099-R that you will get in 2023 for the withdrawal of excess contributions and earnings will mean “Return of contribution taxable in 2021”. That is why you need select that you are entering a 2022 form in the follow-up screens to tell TurboTax that it is a 2022 form and therefore the code P means “Return of contribution taxable in 2021”.
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