- 6 -
SEC. 72(t). 10-Percent Additional Tax on Early
Distributions From Qualified Retirement Plans.--
(1) Imposition of additional tax.--If any
taxpayer receives any amount from a qualified
retirement plan (as defined in section 4974(c)), the
taxpayer's tax under this chapter for the taxable year
in which such amount is received shall be increased by
an amount equal to 10 percent of the portion of such
amount which is includible in gross income.
(2) Subsection not to apply to certain
distributions.--Except as provided in
paragraphs (3) and (4), paragraph (1) shall
not apply to any of the following
distributions:
(A) In general.--
Distributions which are--
* * * * * * *
(iii) attributable
to the employee's being
disabled within the
meaning of subsection
(m)(7),
Section 72(m)(7) provides:
(7) Meaning of disabled.--For purposes
of this section, an individual shall be
considered to be disabled if he is unable to
engage in any substantial gainful activity by
reason of any medically determinable physical
or mental impairment which can be expected to
result in death or to be of long-continued
and indefinite duration. An individual shall
not be considered to be disabled unless he
furnishes proof of the existence thereof in
such form and manner as the Secretary may
require.
S. Rept. 93-383, supra at 134, 1974-3 C.B. (Supp.) at 213 states
that "Generally it is intended that the proof [of disability] be
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011