- 3 - exhibits are incorporated by this reference, and the facts are so found. Petitioners resided in Bolivar, Tennessee, when they filed the petition. Petitioner opened an IRA with PaineWebber in 1993. Her husband at the time, Ray A. Campbell, Jr. (Mr. Campbell), also opened an IRA with PaineWebber in 1993. Petitioner was married to Mr. Campbell when the IRAs were established and remained married until Mr. Campbell’s death on June 21, 1998, at age 73. Mr. Campbell was the sole owner of his IRA, account number MN 21719 17, and petitioner was the primary beneficiary. Petitioner was the sole owner of her IRA, account number MN 21712 17, when Mr. Campbell died. Petitioner requested PaineWebber to distribute the entire balance in Mr. Campbell’s IRA to her IRA at PaineWebber. PaineWebber distributed $1,010,988.38 to petitioner’s separately owned IRA in July 1998 in the form of a direct rollover. Petitioner was age 51 at the time of the rollover. Petitioner transferred her IRA funds in November 2000, then totaling $2,646,797.89, to SEI Private Trust Co. (SEI). In 2002, petitioner requested and received a $977,887.79 distribution from her IRA at SEI. Petitioner was under age 59� in 2002 when she received the distribution. Petitioners reported the IRA distribution on their joint Federal income tax return for 2002 but did not report or remit the 10-percent additional tax on early distributions. Petitioners attached a statement to their return stating that SEI had entered the wrong distribution code on the informationPage: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011