The text in 2021 TurboTax assumes that you are entering a 2021 Form 1099-R. Because you are entering a 2022 Form 1099-R code P means taxable in 2021. In other words, code P actually means taxable in the year prior to the year of the form, but that wording is too complicated for TurboTax's selection box.
When entering a 2022 Form 1099-R and TurboTax asks what year is on the form, answer 2022.
