TurboTax is correct. A 2016 1099-R with a code "P" can only be reported on an amended 2015 tax return since the tax on a returned contribution is taxable in the tax year that the contribution was for, not the year that it is returned. It does not matter when the 1099-R was issued or the contribution returned, what matters is when the contribution was made.
[NOTE: when you enter this in to the 2015 amended software, the code "P" will say "taxable in 2014" - don't be confused by that because the next screen will ask if this is a 2015 or 2016 1099-R. When you choose "2016" then the year advances by one. (Code "P" is always one year before the issue year on the 1099-R). ]
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
https://ttlc.intuit.com/replies/3288565
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
