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Respondent determined a deficiency in petitioner’s Federal
income tax of $812 for the taxable year 1999.
The issue for decision is what portion of the retirement
benefits petitioner received during 1999 are includable in gross
income.
Some of the facts have been stipulated and are so found.
The stipulations of fact and the attached exhibits are
incorporated herein by this reference. Petitioner resided in
Raleigh, North Carolina, on the date the petition was filed in
this case.
Petitioner is a retired teacher. Over the years, petitioner
contributed $57,665.65 to the Teachers and State Employees
Retirement System of North Carolina (TSERS). Petitioner was
taxed on the funds which he used to make $18,905.42 of these
contributions. The remaining contributions of $38,760.23 were
made with funds which were not subject to taxation in the years
in which they were earned.
During the year in issue, petitioner received a distribution
of $38,422.50 from TSERS.
For the year in issue, petitioner was issued a Form 1099-R,
Distributions From Pensions, Annuities, Retirement or Profit-
Sharing Plans, IRAs, Insurance Contracts, etc. This form
indicated that petitioner received $38,422.50 in total
distributions during that year, that the taxable portion of the
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