- 5 -
distribution). Of the total pension distribution for 1997,
$335.39 of this amount, i.e., $30.49 per month for 11 months, was
attributable to after-tax employee contributions and, thus, was
nontaxable. The portion of petitioner's total pension
distribution that was includable in petitioners' 1997 income was
$61,042.74.
In April 1997, the Defined Contribution Retirement Plan of
the University of California Benefits Program distributed
$12,623.61 to petitioner (the defined contribution plan
distribution). Of this amount, petitioner actually received
$9,846.42, with $2,524.72 withheld for Federal income taxes and
$252.47 withheld for State income taxes. Also in April 1997, the
University of California Benefits Program distributed to
petitioner $14,207.14 from his Capital Accumulation Provision
(CAP) Retirement Account (the CAP distribution). Of this amount,
petitioner received $11,081.57, with $2,841.43 withheld for
Federal income taxes and $284.14 withheld for State income taxes.
As stated previously, petitioners reported on their return
total pension and annuity income of $61,378.13, with $41,917
being taxable, and other income as liquidated savings of
$44,569.82 with zero being taxable. Thus, in connection with the
three distributions from Berkeley, i.e., the pension
distribution, the defined contribution plan distribution, and the
CAP distribution, petitioners included $41,917 in gross income.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011