Code P in box 7 of a 2024 From 1099-R means that the amount is taxable on your 2023 tax return not on your 2024 Tax return. When a code-P 2024 Form 1099-R is entered into 2024 TurboTax, TurboTax will properly not put any of the amounts on your 2024 Form 1040 lines 4a or 4b because the amounts are reportable on your 2023 Form 1040 lines 4a and 4b. The only thing about a code-P 2024 Form 1099-R that is reportable on your 2024 tax return is tax withholding. (However, tax withholding is not normally done on returns of contributions.)
