- 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 Next
Last modified: March 27, 2008