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taxpayer receives a distribution from their IRA of 5 0 0 0 . Box 7 of the form 1 0 9 9 - r has

taxpayer receives a distribution from their IRA of 5000. Box 7 of the form 1099-r has a code of 1. taxpayer uses the distribution for birth of their child. the taxxpayer does not itemized their deductions. taxpayer will be assessed a 10% penalty on the withdrawal. true or false

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