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? Taxpayer is a 42-year-old single taxpayer. After breaking a leg, Taxpayer was unable to work for 3 months and needed funds to help cover living expenses. Taxpayer receives a Form 1099-R with code 1 in box 7 and expects to pay a 10% early distribution penalty

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