[CORRECTED] - I was wondering if P is the correct code for Box 7 (thinking that Code 8 might be more appropriate for tax year 2020). After finding the correct IRS documentation for 2020 (linked below), Code P indicates it is used for reporting excess contributions and earnings in the 2019 tax year. Code 8 is used to report the same in the 2020 tax year.
So, if filing taxes for 2020 and you want to report the excess + earnings in the 2020 tax year, you should put Code 8 (and J for early distrib).
https://www.irs.gov/pub/irs-prior/i1099r--2020.pdf (Page 16/17)
