Yes, the P-code on a 2022 Form 1099-R will mean "Return of contribution taxable in 2021". 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 will tell TurboTax that it will be taxable in 2021.
Box 1 will be $7,000 plus any earnings you had. If you had a loss it will be $7,000 minus the loss. The taxable amount in box 2a should be the earnings. If you didn’t have any earnings or had a loss then box 2a will be $0.
@AlexVr
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