8. If a participant in a profit sharing plan receives a distribution of his full account balance of $100,000 in 2023, which could have been rolled over into an IRA or other qualified plan, then he or she will receive a check from the plan for $80,000, $20,000 will be withheld and sent to the government. He or she will receive a Form 1099R indicating that a distribution of $100,000 will be included in his 2023 Gross Income. However, the participant will have a credit of $20,000 against his income tax liability for 2023. true or false