-11-
May 13, 1999 30,000
May 31, 1999 15,000
July 19, 1999 20,000
July 19, 1999 50,000
Sept. 20, 1999 10,000
Oct. 18, 1999 20,000
Oct. 18, 1999 10,000
Oct. 25, 1999 17,000
Nov. 15, 1999 10,000
Nov. 29, 1999 10,000
Dec. 1, 1999 4,500
331,500
With one exception, all of the distributions that petitioner
requested from his IRA were accompanied by a Norwest form
entitled “Self-Directed IRA Withdrawal Request”. According to
each such form, the type of withdrawal that petitioner requested
was “Premature Distribution (under age 59½) (no known
exception)”. Each form also instructed Norwest not to withhold
Federal income tax from the amount distributed. The form states:
If I elect not to have Federal income tax
withheld, I am still liable for payment of Federal
income tax on the taxable portion of my distribution; I
also may be subject to tax penalties under the
estimated tax payment rules, if my payments or
estimated tax and withholding, if any, are not
adequate.
Finally, as the source of the funds, each form states that “Funds
will first be withdrawn from the liquid asset portion of my IRA.”
Subsequently, during the year 2000, Norwest Bank Minnesota,
NA, sent a Form 1099-R to petitioners reporting gross
distributions of $331,500 from petitioner’s IRA during 1999.
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: March 27, 2008