T .C . Summary Opinion 2008-16 0
UNITED STATES TAX COUR T
RENITA ROSE BEST, Petitioner v .
COMMISSIONER OF INTERNAL REVENUE, Responden t
Docket No . 6192-07S .
Renita Rose Best, pro se .
STi .
Filed December 23, 2008 .
Michael A . Pesavento , for respondent .
SWIFT, Judge : This case was heard pursuant to the provisions of section 7463 of the Internal Revenue Code in effect when the petition was filed . Pursuant to section 7463(b), the decision to be entered is not reviewable by any other court, and this opinion shall not be treated as precedent for any other case .
SERVED Dec 23 2008
Respondent determined a $2,246 deficiency in petitioner' s
Federal income tax for 2004 . The only issue for decision is whether petitioner is liable for a 10-percent $1,971 additional tax under section 72(t)(1) on an early withdrawal of $19,706 from her individual retirement account (IRA) .
Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for the year in issue .
Background
Some of the facts have been stipulated and are so found . During 2004 when petitioner was 53 years old, petitione r received a $19,706 early distribution from her IRA account at Wells Fargo Investments L .L .C . Petitioner requested the early distribution because she had lost her job with a publishing company and incurred large medical expenses . Eventually, petitioner lost her home, and she now lives on disability . On her 2004 Federal income tax return petitioner included the full $19,706 IRA distribution in income, but petitioner did not report on her return and did not pay the 10-percent additional tax generally due under section 72(t)(1) on early distributions from qualified retirement plans, including IRA accounts . See secs . 401(a), (k) (1) , 408(a), 4974(c)(1), (4) ; Dwyer v . Commissioner , 106 T .C . 337, 340 (1996) .
Discussio n
Petitioner acknowledges that she does not qualify for any of the specific exceptions to application of the 10-percent additional tax under section 72(t)(2)(A)(i), (iii), and (iv), (F) . Petitioner asks us, however, to read into section 72(t) a financial hardship exception to the 10-percent additional tax and apply such an exception to her .
We previously have rejected taxpayer requests to read into section 72(t) an exception to the 10-percent additional tax on early IRA distributions based on financial hardship . Arnold v . Commissioner , 111 T .C . 250, 255 (1998) ; Milner v . Commissioner , T .C . Memo . 2004-111 ; Gallagher v . Commissioner , T .C . Memo . 200134 . We conclude that petitioner is liable for the $1,971 10percent additional tax on her early $19,706 IRA distribution . Decision will be entere d for respondent .