- 17 -
Also as relevant to the present case, the maximum allowable
deduction in any taxable year for a married individual is $2,000.
Sec. 219(c). The amount of the deduction, however, may be
limited where the taxpayer or the taxpayer’s spouse was, for any
part of the taxable year, an active participant in a qualified
retirement plan. Sec. 219(g)(1), (5)(A).
Petitioner contends that he and Mrs. Kirshenbaum each
contributed $2,000 to an existing traditional IRA for 1998.
Petitioner further claims that he is entitled to an IRA deduction
even if Mrs. Kirshenbaum is covered by the Pawtucket School’s
pension plan because Mrs. Kirshenbaum does not have any vested
rights in her pension plan. In addition, petitioner steadfastly
claims that he is entitled to an IRA deduction “whether it’s from
a rollover or from out of pocket.”
However, there is no evidence to support petitioner’s
contention that he or Mrs. Kirshenbaum made qualified retirement
contributions in 1998 other than his unsubstantiated allegations.
At trial, petitioner testified that he contributed to an existing
IRA, but he could not clearly articulate whether such
contribution was made to Fidelity Investments, another IRA
account, or some other qualified retirement account. Most
importantly, petitioner did not provide any substantiating
19(...continued)
as an individual retirement annuity described in sec. 408(b).
See Cobb v. Commissioner, 77 T.C. 1096, 1099 (1981).
Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 NextLast modified: May 25, 2011