- 2 -
The sole issue for decision is whether petitioner is liable
for the 10-percent additional tax under section 72(t) for early
distributions from two qualified retirement plans.
Some of the facts were stipulated. Those facts and the
accompanying exhibits are so found and are incorporated herein by
reference. Petitioner's legal residence at the time the petition
was filed was Martinsville, Virginia.
During 1999, petitioner received the following distributions
from two qualified individual retirement accounts:
Nationwide Life Insurance Co. $5,000.00
First National Bank 3,943.33
Total distributions $8,943.33
Both institutions issued to petitioner Forms 1099-R,
Distributions From Pensions, Annuities, Retirement or Profit-
Sharing Plans, IRAs, Insurance Contracts, etc. The Form 1099-R
from Nationwide Life Insurance Co. stated that the taxable amount
of the $5,000 distribution was $4,700.47. On his Federal income
tax return for 1999, petitioner included $8,643.80 as income,
representing the taxable distributions from the two plans. In
the notice of deficiency, respondent determined that petitioner
was liable for the additional tax under section 72(t) for early
distributions from qualified retirement plans. Petitioner
contends he is not liable for the additional tax because the
Page: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011