Question: Review this scenario. Is the statement regarding a 2 0 2 4 Form 1 0 9 9 - R accurate? Is this a correct option?

Review this scenario.
Is the statement regarding a 2024 Form 1099-R accurate?
Is this a correct option?
A taxpayer receives a distribution from their IRA of \(\$ 5,000\). Box 7 of the form 1099-R has a code of 1. The taxpayer uses the distribution for birth of their child. The taxpayer does not itemize their deductions. The taxpayer will be assessed a 10\% penalty on the withdrawal.
(1) This question may have more than one sub-question, which will be delivered one at a time on confirmation of your answer.
Review this scenario. Is the statement regarding

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