How to get rid of "is compiled by a pre-release version of Kotlin and cannot be loaded by this version of the compiler"

I got lured into “try new kotlin 1.4” and now I am getting annoying erros in Idea 2020.1.2 “Package ‘kotlin.collections’ is compiled by a pre-release version of Kotlin and cannot be loaded by this version of the compiler”

Strangely enough, those errors appear and disaeppear somehow unpredictably. For some time I was not seeing them, then with no obvious reason they returned back again.

What is the point of releasing new version of Kotlin SDK if it is not fully supported in Idea?

Answering my own question: you should go to plugin homepage:
Idea Kotlin Plugin Homepage

Switch to tab “EAP-NEXT”, download the most recent version of the plugin and install it in Idea manually. You will not get appropriate suggestion in Idea – which we all are used for in most of other SDK cases.