The Codes for Box 7 of your Form 1099-R as follows:
P – Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2021
8 – Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022
(Code 8 indicates that the amount is taxable in the tax return you are currently working on, and Code P indicates the amount is taxable in the prior tax year.) See IRS Form 1099-R Instructions for Code P for more information.
Click here for the IRS Instructions for Form 1099-R.
Click here for form 1099-R codes for Box 7.
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