The first post in the chat mentioned if there is tax witheld that I would need to come back and revise this next year. I know that federal and state tax was witheld at 10% each and can get all those numbers. Can you please clarify that I can do this if I had tax witheld?
"You can report it now in your 2020 return and ignore the 1099-R when it comes unless there is Box 4 Federal Tax withholding and/or box 14 State withholding. Then you must enter the 2021 1099-R into the 2021 tax return since the withholding is reported in the year that the tax was withheld. The 2021 code P will not do anything in 2021 tax return but the withholding will be applied to 2021."
