- 2 - Respondent determined a deficiency of $1,609.80 in petitioner’s 2000 Federal income tax. The issue for decision is whether petitioner is liable for the 10-percent additional tax imposed by section 72(t) with respect to a distribution from a qualified retirement plan. Background Some of the facts have been stipulated and are so found. At the time the petition was filed, petitioner resided in Burke, Virginia. Petitioner began working at the U.S. Postal Service (USPS) as a mail carrier in 1985 and, at least as of the date of trial, has been employed by USPS in some capacity ever since. As an employee of USPS, petitioner participated in a qualified retirement plan (the retirement plan) made available to her through her employer.1 During 1999 petitioner borrowed from, and made some repayments to, the retirement plan. Petitioner began experiencing back problems in 1995. Her back problems caused her to miss work from October through December 4, 1999. During that time she stopped making loan repayments to the retirement plan. 1 The record contains little information regarding the exact nature of the retirement plan. The parties proceeded as though the retirement plan is described in secs. 72(t) and 4974(c), and we do likewise.Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011