Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I have an esop retirement plan from a previous employer being paid to me in the next few weeks. I need to take about 30K out of it (to payoff all of my debt!!!) . How will this be taxed? What would be the best strategy to pay the least amount in taxes (Roth IRA?) ?

Please help.

P.S. Why should people under 59 1/2 be penalized for taking money out of these plans, since the money goes right back into the economy or reduces debt?
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.