A 2020 code P 1099 cannot be reported on a 2020 tax return- it can only be entered on an amended 2019 tax return. If you enter it into the 2020 software TurboTax will tell you that you need to amend 2019 (one exception - if there was any box 4 withholding then the 1099-R must be entered in both 2020 and an amended 2019 tax return because withholding only applies to the year withheld, but the excess applies to the year of the excess.)
The 2020 1099-R with code 8 must be entered in the 2020 tax return.
Confusing - yes - code P is the excess taxable in the year of the excess (2019). Code 8 is any earnings taxable in the year returned (2020).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
