- 5 -
had not been cashed, First National remitted the amount of the
cashier’s check to the State of Illinois Unclaimed Property
Division.
Three of the letters that First National sent to petitioner,
detailed above, were mailed to petitioner by certified mail with
a return receipt. One of these receipts was signed by
petitioner’s son, and two (including the receipt for the letter
with the $1,582.58 check) were signed by Mrs. Mudd. Petitioner
never received either of the checks that First National mailed to
him.
For the year 1995, First National issued petitioner a Form
1099-R, Distributions From Pensions, Annuities, Retirement or
Profit-Sharing Plans, IRAs, Insurance Contracts, etc. This form
reflected a distribution to petitioner of $34,107.58. The
distribution amount included the $32,500 which First National had
previously transferred at petitioner’s request, as well as the
$1,582.58 check which First National mailed to petitioner upon
closing his account.2
As a general rule, amounts paid or distributed out of
individual retirement plans, including IRAs, are included in
gross income when received by the payee or distributee under the
2The source of the $25 discrepancy between the sum of these
two amounts and the amount reported on the Form 1099 is not clear
from the record.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011