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During 2000, petitioners received a State income tax refund
of $34,500 for State income taxes paid with respect to their 1999
tax year.
B. Petitioner’s Intel Retirement Plans
At the time he terminated his employment, petitioner
maintained three Intel retirement plans, Plan 15104, Plan 15105,
and Plan 15106.
Plan 15104 was a nonqualified deferred compensation plan
called the Sheltered Employee Retirement Plan Plus (or SERP+) and
was administered by Fidelity Investments Institutional Operations
Company (Fidelity Institutional) on behalf of Intel. On December
22, 2000, petitioner received $285,603 from Intel, representing
the full distribution of Plan 15104 in the gross amount of
$372,850 less Federal and State withholding taxes. Fidelity
Institutional issued petitioner a Form W-2 with respect to Plan
15104 for 2000 (the Plan 15104 Form W-2). The parties stipulated
that the Plan 15104 Form W-2 accurately reflected the
distribution amount, withholding taxes paid, that petitioner made
no employee contributions, and that no portion of the
distribution was rolled over into another account.
Plan 15105 was a qualified retirement plan called the Intel
Corporation 401(k) Savings Plan and was administered by Fidelity
Institutional on behalf of Intel. Petitioner borrowed money from
Plan 15105 and made payments through payroll withholding.
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