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by any other court, and this opinion should not be cited as
authority.
Respondent determined a deficiency in petitioner’s Federal
income tax for 1998 in the amount of $2,668.2 The sole issue for
decision is whether petitioner is liable for a 10-percent
additional tax pursuant to section 72(t)(1) on distributions he
received, totaling $26,681, from his three qualified retirement
plans.
Background
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference. At the time he filed the
petition, petitioner resided in Las Cruces, New Mexico.
Petitioner is employed as a rural mail carrier in Las Cruces.
Petitioner had investments in three qualified retirement
plans. In 1998, petitioner cashed out these plans. He received
$18,127 from Nationsbank, N.A., $3,337 from Franklin Templeton
Trust Co., and $5,217 from IDS Life Ins. Co. Petitioner was 53
years old when he received the distributions.
Petitioner received three Forms 1099-R, Distributions From
Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs,
Insurance Contracts, etc., for 1998 reflecting the distributions.
Petitioner reported the distributions on his Federal income tax
2 Amounts are rounded to the nearest dollar.
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