Using only P would not be correct. Form 1099-R instructions state: "For the distribution of excess Roth IRA contributions, report the gross distribution in box 1 and only the earnings in box 2a. Enter Code J and Code 8 or P in box 7."
Generally, you won't pay the 10% early withdrawal penalty when you enter the earnings on the "Did you use your IRA to pay for any of these expenses?" screen under "Corrective distributions made before the due date of the return". The penalty only applies to the taxable earnings. You had $0 earnings and therefore you do not get this screen. TurboTax will not calculate the 10% early withdrawal penalty in part I of Form 5329.
[Edited 2/22/2025 | 7:22 am PST]
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