I have a distribution statement for a 2015 401K excess deferral. trying to complete the placeholder 1099R, but code P says 2014. isn't it supposed to say 2015?

TurboTax's drop-down box text assumes that you are entering a 2015 Form 1099-R.  However, you are entering a 2016 Form 1099-R and you'll indicate that when you respond to one of the follow-up questions.  Code P on a 2016 Form 1099-R means taxable in 2015.