I gave $880 too much to 401k and need to fill out Form 1099R. TT says to use code P in box 7 which says excess contribution taxable in 2016, but shouldn't this be 2017?

[dmertz · Accepted solution]

TurboTax's drop-down text assumes that you are entering a 2017 From 1099-R.  However, code P on a 2018 Form 1099-R for a corrective distribution made in 2018 means taxable in 2017.  In the follow-up, TurboTax will ask if the Form 1099-R is a 2018 or a 2017 Form 1099-R.  Be sure to select the correct year.