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How much and what type of tax do I have to pay

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I recently quite my job...
I recently quite my job and I had profit sharing and ESOP. I would like to cash out on both of these but I don't know how much tax i would have to pay. Do I have to pay income or capital gains on the esop? If I had another option I would just leave these alone but I became disabled so I need that money to live. Thank you for any tips or information that you can share.
--Megan
Westminster, MD
Submitted: 9 years ago.Category: Tax
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Answered in 25 minutes by:
10/1/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thank you for using Just Answer. Early withdrawals from a ESOP will be included in your gross income and tax at your regular tax rate. You will also be subject to a additional tax equal to 10% of the amounts withdrawn that is includible in your gross income. You can file with your tax return Form 5329, Additional Tax on Qualified Plan (www.irs.gov/pub/irs-pdf/f5329.pdf) to waived the 10% penalty due to your disability.

Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
Verified
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