No, I thought it was the opposite, Code P (for a distribution done in 2022 to remove excess for 2021) is for tax year 2021. (It would be code 8 (eight) that would be for tax year 2022.) In fact, I can find an earlier reply on another thread where (I think it was pmertz) told me this.
I have a "dry run" copy of the bank form, which does not explicitly list the distribution code but does list the tax year, which is 2021. If the bank does their job right, this will translate into a tax year 2021 1099-R, with a distribution code of P and distribution amount including the interest and a taxable amount of only the interest. I didn't sign the dry run form because the bank didn't include the interest. Next time I'll insist on all of that, including tax year 2021. But it's also true that all I'll have is the bank form, I won't have the 1099-R until January 2023.
