Yes, but when you continue in the 2015 1099-R interview, it will ask if the 1099-R is a 2015 or 2016 1099-R.  Choose 2016 and then the year changes from 2014 to 2015 (you will not see that but that is what happens - the code "P" year depends of the issue date of the 1099-R).

Enter code P and choose 2016 for the year and it will be fine.

After amending the 2015 return, do you have to then start the 2016 from scratch with this amended 2015 return .tax file (throw away the 2016 work to have 2016 obtain this data)?  Frustrating that TurboTax doesn't elaborate on next steps once it tells you to amend 2015 return.

@dps098 - Probably not - depending...

If this was a return of an excess deferral on a employer sponsored retirement plan (only code P in box 7) then the box 2a amount would increase you line 7 wages by that amount.

If a return of excess Roth contribution from a IRA then box 7 would have a code JP and the box 2a earnings would go on line 15b.   

That might or might not affect other credits or capital gains carry overs to 2016.   If it does not change any 2015 to 2016 carryover amounts then there would be no need to restart 2016.