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At various times in 2001, due to her financial difficulties,
petitioner requested and received $17,422 in early distributions
from her four annuity and SEP-IRA accounts, as follows:
Annuity and SEP Date of Amount of
Accounts Distribution Distribution
First 06/22/01 $ 3,000
Second 06/22/01 6,000
Third 06/22/01 5,000
Fourth 10/01/01 1,422
SEP-IRA -–/-–/01 2,000
Total distributions $17,422
As of the end of 2001, petitioner had not attained the age
of 59-1/2.
During 2001, petitioner paid a total of $1,809 in
unreimbursed medical expenses, and petitioner’s law partnership
paid on petitioner’s behalf health insurance premiums in the
amount of $3,209.
On August 15, 2002, petitioner timely filed her 2001
individual Federal income tax return on which return petitioner
reported the total $17,422 in early distributions petitioner
received during 2001 from her annuity and SEP-IRA accounts as
taxable income.
Petitioner, however, on her 2001 individual Federal income
tax return failed to report, and petitioner failed to pay with
the filing of her return, a section 72(t) 10-percent additional
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Last modified: May 25, 2011