As the 1099-R covers the return of the excess contribution, it only report the excess contributions (and any related earnings), and not the whole contribution.
Code P in box 7 of the 1099-R means Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2019.
A 1099-R with code P does not need to be reported on the 2020 tax return as the excess contribution has already been reported and taxed in 2019.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
