I'm eligible to withdraw my ESOP this year but am not of retirement age. I discussed taxes last year with a consulting company if I had withdrawn it last year and it of course would've put me in a higher tax bracket. I left the money there another year. Does this new inflation law help with that or reduce the amount of taxes I'd pay taking it out this year? Otherwise I'll roll it over to a Roth IRA so all my eggs aren't in one basket.
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The Act created a new nondeductible one percent excise tax on stock repurchases of publicly traded corporations.
I did not find a change specific ESOP in the law.
I forgot to ask, is there also the 10% withdrawal penalty for taking it now versus retirement age? Or is that different than 401k?
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