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During taxable year 2001, Ms. Glenn earned wages of
$24,577.99 from Community Unit School District #220, and Federal
income tax of $1,704.43 was withheld. Also during tax year 2001,
petitioner and Ms. Glenn received pension and annuity income of
$165,838 from petitioner’s Fidelity Investments account from
which $33,167.58 of Federal income tax was withheld.
The $165,838 reported as pension and annuity income during
taxable year 2001 by petitioner and Ms. Glenn was a distribution
from petitioner’s section 401(k) plan maintained by his employer,
Kronos, Inc., through T. Rowe Price. Petitioner had been
employed at Kronos, Inc., since 1988. This distribution was made
approximately in June of 2001. Petitioner’s reasons for
requesting the distribution were that he was leaving Kronos,
Inc., and he and Ms. Glenn were considering divorce and wanted to
pay off outstanding bills to make their divorce “as simple as
possible”.
Petitioner received a check from Fidelity Investments in the
amount of $132,670.30.3 In August of 2001, petitioner deposited
$123,700 into his and Ms. Glenn’s joint checking account with
Harris Trust & Savings Bank.4 Petitioner could not recall why
3This amount represents the total sec. 401(k) distribution
of $165,838, less Federal income tax withheld of $33,167.58.
4Petitioner transferred $100,000 from the joint checking
account into a joint savings account which was also held with
Harris Trust & Savings Bank. Petitioner transferred money from
(continued...)
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