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During the taxable year 2001, Mr. Glenn earned wages from
two sources: $58,502.61 from Ceridian Corp. from which
$11,122.24 of Federal income tax was withheld; and $74,219.76
from Kronos, Inc., from which $14,984.69 of Federal income tax
was withheld.
During the taxable year 2001, petitioner earned wages of
$24,577.99 from Community Unit School District #220, and Federal
income tax of $1,704.43 was withheld. Also during the tax year
2001, petitioner and Mr. Glenn received pension and annuity
income of $165,838 from Mr. Glenn’s section 401(k) plan account
held by Fidelity Investments from which $33,167.58 of Federal
income tax was withheld.
The $165,838 petitioner and Mr. Glenn reported as pension
and annuity income during the taxable year 2001 was a
distribution from Mr. Glenn’s section 401(k) plan maintained by
his employer, Kronos, Inc., through T. Rowe Price. Mr. Glenn had
been employed at Kronos, Inc., since 1988. This distribution was
made approximately in June of 2001. Mr. Glenn’s reasons for
requesting the distribution were that he was leaving Kronos,
Inc., and he and petitioner were considering divorce and wanted
to pay off outstanding bills to make their divorce “as simple as
possible”.
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