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medical expenses, and mortgage payments to avoid foreclosure. In
2001, petitioner had not yet reached the age of 59-1/2 years.
Respondent issued a notice of deficiency for 2001
determining a deficiency of $6,858. This amount represents a 10-
percent additional tax on the early 401(k) plan distributions
pursuant to section 72(t).
Discussion
Section 72(t)(1) generally imposes a 10-percent additional
tax on early distributions from “a qualified retirement plan (as
defined in section 4974(c)),” unless the distributions come
within one of several statutory exceptions. The parties do not
dispute that petitioner’s account was a qualified employee
retirement plan. Therefore, in order for petitioner to prevail,
he must show that the distributions fall under one of the
exceptions under section 72(t)(2).
With respect to section 72(t), this Court has repeatedly
held that it is bound by the statutory exceptions enumerated in
section 72(t)(2). See, e.g., Arnold v. Commissioner, 111 T.C.
250, 255-256 (1998); Schoof v. Commissioner, 110 T.C. 1, 11
(1998).
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