For the financial institution to code a code "P" for a 2017 excess you must tell then them that the distribution is a "return of excess contribution" and not a normal distribution. It must also have been done before the due date of the 2017 tax return (April 15, 2018) or extended due date if a timely extension was filed (Oct 15, 2018).
The only way a Traditional IRA contribution can be an excess is if you did not have sufficient taxable compensation for your filing status or exceeded the $5,500, or $6,500 if you’re age 50 or older contribution limits.
**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.**
