- 7 - Unlike the Stipulation and Order filed August 3, 1999, this QDRO made no mention of the distribution of $10,000 to Mr. Seidel or the distribution of funds to pay the debts secured by the deed of trust. However, the QDRO incorporated into its terms the Stipulation and Order. Petitioner, through her attorney as her agent, received a net distribution of $60,060 ($77,000 less Federal and State taxes withheld of $16,940). Petitioner also received a Form 1099, Distributions from Pensions, Annuities, Retirement or Profit- Sharing Plans, issued by New York Life Insurance Company for taxable year 1999 reflecting a taxable distribution of $77,000. Upon receipt of this distribution, petitioner did not redeposit the funds into the CWSC 401(k) plan, nor did she roll the funds over into any other qualified plan within the 60-day grace period allowed by section 402(c).1 On August 27, 1999, petitioner signed cashier’s checks as follows: 1Although a qualified pension plan is exempt from taxation under sec. 501(a), any amounts actually distributed from such a plan generally must be included in the distributee’s gross income. Sec. 402(a). In order to avoid the tax consequence of a plan distribution, the distributee may “roll over” the amount of the distribution into another eligible plan within 60 days. Sec. 402(c).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011