No, you do not need to enter taxes withheld when you enter the 2025 Form 1099-R with codes P and J on your 2024 return.
You will have to enter the Form 1099-R also on your 2025 tax return to get the withheld taxes applied to 2025. The 2025 code P will not do anything to your income to the 2025 tax return income but the withholdings will be applied to 2025.
No, you do not get penalized if you decide to wait until you receive the 2025 Form 1099-R.
@bc1970
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