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So Box 1 has the $453,892. 20, Box 2a has the $30,369.12 and Box 6 has the $423,523.08, right?
ASSUMING that the stock wasn't rolled over into an IRA, (I should have asked for the codes in Box 7), then it's only the $30,369.12 that's taxable, not the $453,892. 20. There's nothing in the 1099-R interview that explicitly refers to an ESOP except for one box that mentions "dividends" received from an ESOP; it's just dealing with the 1099-R itself which is pretty much agnostic about what kind of retirement plan made the distribution.
This distribution, in and of itself, wouldn't create a $30K tax liability.
Away from taxes, I'd think that you could have chosen to have the stock bought back from you, but that you decided to take the distribution "in kind", hoping for a bigger payday down the road?
Tom Young
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