Second Update: I got another call from Robinhood "Retirement Supervisor" - he explained to me that code P, "instead" of 8, is set in stone on the 2025 1099-R and it's the only thing on this form that indicates that the distribution (withdrawal of excess contribution) is for tax year 2024 (or earlier) contribution; and so code 8 instead of P would be incorrect.
The above contradicts what TurboTax (2025 Premier desktop edition) "says":
Made the contribution to the Roth IRA in 2025 but it counted as a 2024 contribution, and withdrew the contribution in 2025: If you made the contribution to your Roth IRA in 2025 (between January 1, 2025 and the 2024 filing deadline without extensions), but you designated it as a 2024 contribution, and you withdrew it in 2025, the Form 1099-R you get will be for 2025. Include the Form 1099-R on your 2025 return.
Your Form 1099-R will have a code 8 and a code J in box 7.
I've been doing more research and it appears that the wording in IRS Publication 590-A: "The earnings are considered earned and received in the year the excess contribution was made." is ambiguous and most tax professionals interpret it as "(TAX) year the excess contribution was made" and not "(CALENDAR) year the excess contribution was made".
I'm still trying to figure this issue out but it looks more and more like I will have to amend my 2024 return.
