Taxpayer withdrew $13,500 from pension plan and 1099-R has distribution code of "1" in box 7. IRA/Sep/Simple marked. Taxpayer had $11,650 in medical expenses in 2006. Would I just fill out form 5329 with exception code 05, (IRC section 72(t)(2)(B)) to have $11,650 of the $13,500 qualify for the exception to 10% penalty?
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