Yes, code P will say in the drop-down menu "Return of contribution taxable in 2020" but you can ignore that since the follow-up question where you select that it is a 2022 Form 1099-R will tell TurboTax that it will be taxable in 2021.
The code P on a 2022 Form 1099-R will mean "Return of contribution taxable in 2021" which is why TurboTax will ask the follow-up question what year is on the form.
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