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participant in an employer-sponsored retirement plan through her
employment with Pace University.
In May of 2002, petitioner contributed $3,500 into an
existing “classic” IRA with Teachers Insurance and Annuity
Association - College Retirement Equities Fund (TIAA-CREF). In
December of 2002, petitioner elected to convert his classic IRA
into a Roth IRA. As a result, petitioner received a distribution
of $10,487.86 (distribution) from the classic IRA which he
deposited into a Roth IRA with TIAA-CREF.
Petitioners received from TIAA-CREF a Form 1099-R,
Distributions From Pensions, Annuities, Retirement or Profit-
Sharing Plans, IRAs, Insurance Contracts, etc., for 2002,
indicating that the distribution resulted in a taxable amount of
$10,487.86. Petitioners included that amount as income on their
return.
Petitioners also received for 2002 a Schedule K-1, Partner’s
Share of Income, Credits, Deductions, etc., from Oxford
Residential Properties, LLP, which showed that petitioners had
interest income of $6.28 and real estate income of $130.68 from
the partnership. Petitioners did not include these income items
on their return.
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Last modified: May 25, 2011