- 2 - FINDINGS OF FACT Until October 2003, petitioner was employed as a math teacher with the City of Chicago. While employed as a teacher, petitioner acquired an annuity account with AXA Equitable, a qualified retirement plan. In 2004, petitioner received distributions from AXA Equitable of $5,478 and $8,961. Petitioner reported, on her 2004 tax return, the distributions as income from pensions and annuities. On July 31, 2006, respondent issued petitioner a notice of deficiency relating to 2004 and determined that petitioner was liable for a 10-percent additional tax with respect to the distributions. Petitioner filed her petition with the Court on November 2, 2006, while residing in Chicago, Illinois. OPINION A 10-percent additional tax is imposed upon distributions from a qualified retirement plan, unless one of the exceptions enumerated in section 72(t)(2) is satisfied. Sec. 71(t)(1) and (2); see also Dwyer v. Commissioner, 106 T.C. 337 (1996). Petitioner failed to meet any of those exceptions. Accordingly, we sustain respondent’s determination.Page: Previous 1 2 3 NextLast modified: March 27, 2008