Can I just go ahead and enter the corrected info on my return and ignore the original incorrect info?
Because the due date for financial institutions to file Forms 1099-R is March 31, some financial institutions will effectively void the first Form 1099-R they produced by never sending it to the IRS and will generate a new original form 1099-R, the only one that gets sent to the IRS. This can create confusion on the part of the individual recipient, so as SabrinaD2 said, it might be a good idea to confirm with the financial institution that this is what is what they have done.
You certainly don't want both sent to the IRS with neither having the CORRECTED box marked since that would imply there there were two separate reportable distributions. (Of course if both show a 1035 exchange, neither would add to taxable income, but you still want accurate reporting.) After March 31 you should be able to obtain your Wage and Income transcript from the IRS to see what the financial institution actually sent to the IRS.
No, you shouldn't ignore the original incorrect information.
If the corrected box is not checked on your 1099-R, contact the issuer to confirm the correction. It's important the form is properly marked to ensure what the issuer gives you matches the IRS records.
You can enter the corrected information on your tax return, but keep the original form for your records and be sure to obtain a properly marked corrected form.
For more details, refer to the IRS instructions - Topic No. 154 on handling incorrect or missing forms here.
Because the due date for financial institutions to file Forms 1099-R is March 31, some financial institutions will effectively void the first Form 1099-R they produced by never sending it to the IRS and will generate a new original form 1099-R, the only one that gets sent to the IRS. This can create confusion on the part of the individual recipient, so as SabrinaD2 said, it might be a good idea to confirm with the financial institution that this is what is what they have done.
You certainly don't want both sent to the IRS with neither having the CORRECTED box marked since that would imply there there were two separate reportable distributions. (Of course if both show a 1035 exchange, neither would add to taxable income, but you still want accurate reporting.) After March 31 you should be able to obtain your Wage and Income transcript from the IRS to see what the financial institution actually sent to the IRS.