- 3 - (WEC) until 1991. In July 1991, petitioner ceased employment at WEC, moved to Georgia, and began working for Westinghouse Savannah River Co. (WSR). Petitioners purchased a home in Evans, Georgia, on September 30, 1991, for $219,900. They sold their home in Pittsburgh on October 15, 1991, for $112,000. To finance a portion of the purchase price of the new home, petitioner withdrew a total of $51,002 from his WEC savings program, a qualified retirement plan, by two requests dated July 12, 1991. The withdrawals constituted only a portion of the savings plan. As of June 30, 1991, petitioner's Statement of Accounts from the savings plan shows that he had a total of $24,153.63 in "after-tax contributions". We assume that between June 30th and the date of distribution, petitioner made some additional after-tax contributions. At the time of the withdrawal petitioner had contributed approximately $25,000 to the savings plan all of which was withdrawn. A statement for December 31, 1991, shows no after-tax contributions remaining in petitioner's account. WEC issued a Form 1099-R for 1991 reporting $25,709 of the gross distribution as taxable income to petitioner. Petitioners apparently did not receive the Form 1099-R until after they filed their Federal income tax return for 1991. Petitioners did not report any income as a result of the distribution on their 1991 joint Federal income tax return. InPage: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011