1099-R(s) for 402(g) excess

it's been a while since I've had to deal with a 1099 for a 402g failure.

If done by 4/15, does the participant get 2 1099's?  One with code P for the excess and one with code 8 for the earnings?

Afterward, it's just one for code 8 for the earnings, right?

Yes, the 402(g) excess is taxable in the year deferred and the gain is taxable in the year distributed.

So if you have a 402(g) excess for 2021 and make the refund with earnings between 1/1/2022 and 4/15/2022 you would issue 2 Form 1099-Rs for 2022 by January 31, 2023, one with code P for the excess (taxable in 2021) and the other Code 8 (taxable in 2022). Had you caught the excess in 2021 and made the refund by 12/31/2021 you could have done just 1 Form 1099-R for 2021 with code 8.

I think if you have a loss instead of a gain it gets a little more complicated but it's addressed in the 1099-R instructions.