Optimum phosphorus (P) placement is critical for improved P uptake, efficiency, and return on P investment. Within the last decade numerous studies have been conducted in the Corn Belt states to determine the effect of P placement on uptake on P and grain yield by corn and soybean. In Iowa, starter fertilizer increased early corn growth and P uptake more than broadcast fertilization but, depending on soil test P level, often did not translate into increased corn yields. At the responding sites, yields were not different among P placements. Minnesota research on low P testing soils showed 12-13 bu/A greater corn yields for broadcast 100 lb P2O5/A treatments compared to seed-placed and deep-band 50 lb P2O5/A treatments across four tillage systems. On medium to high testing soils, the advantage for broadcast P was 5 bu/A. Phosphorus removal by soybean as a percent of P applied for corn the previous year was affected by placement with seed-placed > deep-band > broadcast. However, economic return to residual P was broadcast > seed-placed > deep-band because of slightly greater yields for the broadcast treatments. Additional information will be presented to assist producers and their advisors maximize return on fertilizer P.