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met. Because the distribution from the retirement plan was not
received in the year in which the deductible medical expenses
were paid, no portion of the distribution is excepted from the
section 72(t) additional tax under section 72(t)(2)(B).
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be entered
for respondent.
4(...continued)
Form 1040, U.S. Individual Income Tax Return. This line is
labeled “Penalty on early withdrawal of savings.” Although this
wording is similar to the statutory language of section 72(t),
the line on the return which is meant to be used to report
liability for the sec. 72(t) additional tax is line 54, labeled
“Tax on IRAs, other retirement plans, and MSAs.”
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Last modified: May 25, 2011