- 4 -
All of the funds in petitioner’s thrift savings account had
been distributed to him by the end of 1994. He made no
contributions to the thrift savings account in 1995.
C. Petitioner’s Section 401(k) Account With Bechtel
Petitioner had a section 401(k) account with Bechtel to
which Bechtel contributed on petitioner’s behalf $8,994 in 1993,
$9,240 in 1994, and $8,355.70 in 1995. Bechtel issued Forms W-2,
Wage and Tax Statement, for those years.
D. Rollover From Petitioner’s Bechtel Trust & Thrift Plan to an
IRA and Withdrawal of IRA Funds
On November 27, 1995, petitioner received a $69,421.05
distribution from the Bechtel Trust & Thrift Plan. On December
6, 1995, petitioner deposited that amount in a Nations Bank
Regular Money Market Individual Retirement Account. Petitioner
withdrew $69,500 ($69,421.05 plus $78.95 in interest) from his
Nations Bank IRA in 1996.
E. Petitioners’ Income Tax Returns
Petitioners reported petitioner’s wages as income from 1993
to 1996. Petitioners did not report as income the $8,994 in
1993, $9,240 in 1994, and $8,355.70 in 1995 that he contributed
to his section 401(k) account. Petitioners did not attach a
statement to their 1996 income tax return disclosing the $69,500
withdrawal or explaining why they excluded that amount from their
1996 income.
Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011