No the reporting is handled the same. Basically, you are being asked if you want to pay now or pay later. if you pay the full income tax on the full distribution this year, you won't need to worry about paying it later. You might want to consider this option if you predict your income may drop over the next 2 years.
instead, you can pay tax and declare 1/3 of the income this year, 1/3 next year, and then the final 1/3 in two years. As I said, pay now or pay later.
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