- 7 -
upon his salary and his creditable years of service, specifically
including those years of creditable service recognized under the
Retirement System. However, as previously indicated, because
petitioner received the Transfer Refund on account of
transferring from the Retirement System to the Pension System,
petitioner's monthly annuity is less than the monthly annuity
that he would have received if he had not transferred to the
Pension System but had retired under the Retirement System.
Petitioner's 1990 income tax return
Petitioner received a corrected Form 1099-R (Total
Distributions From Profit-Sharing, Retirement Plans, Individual
Retirement Arrangements, Insurance Contracts, Etc.) from the
Maryland State Retirement Agency for 1990. The Form 1099-R
reported the payment of the Transfer Refund in the amount of
$158,680.98. The form also reported that the taxable portion of
the Transfer Refund was $138,228.88 and that petitioner's
previously taxed contributions amounted to $20,452.10.8
On their income tax return for 1990, petitioners reported as
ordinary income the taxable portion of the Transfer Refund, as
8 The discrepancy between the taxable portion of the
Transfer Refund as reported on the Form 1099-R, i.e.,
$138,228.88, and the taxable portion as stipulated by the parties
of that part of the Transfer Refund that was paid to petitioner
in March 1990, i.e., $136,681.18, is unexplained in the record.
Similarly, the discrepancy between the amount of petitioner's
previously taxed contributions as reported on the Form 1099-R,
i.e., $20,452.10, and petitioner's previously taxed contributions
as stipulated by the parties, i.e., $21,765.02, is also
unexplained in the record. In both instances, we accept the
parties' stipulation.
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