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Respondent determined a Federal income tax deficiency for
petitioners’ 1999 taxable year in the amount of $2,000. The sole
issue for decision is whether petitioners are liable for the 10-
percent additional tax under section 72(t) for a withdrawal of
$20,000 on or about May 20, 1999, from an individual retirement
account (IRA) in the name of Ann E. Owens.
Background
Some of the facts have been stipulated and are so found.
The stipulations of the parties, with accompanying exhibits, are
incorporated herein by this reference. At the time the petition
was filed in this case, petitioners resided in Bridgeport,
Connecticut.
Petitioners Howard T. Owens, Jr., and Ann E. Owens, husband
and wife, were born on July 20, 1934, and March 29, 1941,
respectively. In 1999, petitioners owned multiple IRA accounts,
including a Fidelity Investments Traditional IRA in the name of
Howard T. Owens, Jr., and a Fidelity Investments Traditional IRA
in the name of Ann E. Owens. As of early May 1999, the balance
of the Howard T. Owens, Jr., account was in excess of $195,000
and that of the Ann E. Owens account was in excess of $85,000.
On or about May 20, 1999, a withdrawal in the amount of
$20,000 was made from the Ann E. Owens IRA. At this time, Ann E.
Owens was 58 years of age. The withdrawal was indicated on the
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