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Respondent determined a deficiency of $2,332 in petitioners’
1998 Federal income tax. This Court must decide whether
petitioners failed to include part of their pension annuity in
their 1998 taxable income.
Some of the facts in this case have been stipulated and are
so found. Petitioners resided in Metairie, Louisiana, at the
time the petition was filed.
Mr. Margavio (petitioner) retired in May 1994 at the age of
55. Prior to his retirement, petitioner’s retirement
contributions totaled $34,283 (all amounts are rounded).
Petitioners timely filed a 1998 Federal income tax return.
On the 1998 return, petitioners reported $32,628 on Line 16a,
Total pensions and annuities, and $15,715 on Line 16b, Taxable
amount.
For the taxable year 1998, the Teachers’ Retirement System
of Louisiana issued to petitioner a Form 1099-R (Form 1099-R),
Distributions From Pensions, Annuities, Retirement or Profit-
Sharing Plans, IRAs, Insurance Contracts, etc., which reported a
gross distribution to petitioner of $32,628 and a taxable amount
of $31,267.
In the notice of deficiency, respondent determined that
petitioner had failed to include $15,551 ($31,266 taxable amount
less the $15,715 reported by petitioners) of taxable pension
annuity income on their 1998 return. We consider the $1
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