4
or after the death of the employee; (3) attributable to the
employee's being disabled within the meaning of section 72(m)(7);
(4) part of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life
expectancy) of the employee or joint lives (or joint life
expectancies) of such employee and his designated beneficiary;
(5) made to an employee after separation from service after
attainment of age 55;1 or (6) dividends paid with respect to
stock of a corporation which are described in section 404(k). A
limited exclusion is also available for distributions made to an
employee for medical care expenses. Sec. 72(t)(2)(B).
Petitioner's IRA was a qualified retirement plan.
Petitioner did not roll over his IRA distribution and does not
claim to fit within any of the statutory exceptions of section
72(t)(2). Instead, petitioner testified that he was unaware of
the provisions of section 72(t) and asks this Court for relief.
Petitioner would also have us consider his actions in light of
his recent legal difficulties in Oregon.
In his petition to this Court, petitioner contested the
amount of the deficiency and all "unlawful fines and/or
penalties." Petitioner contends that in a separate action the
Internal Revenue Service (IRS) levied upon petitioner's bank
account because petitioner failed to pay his 1993 Federal income
tax liability of $4,172 as shown on his return. At that time,
1 This provision, codified at sec. 72(t)(2)(A)(v), is not
applicable to premature IRA distributions. Sec. 72(t)(3)(A).
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Last modified: May 25, 2011