- 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