Tax Law (Questions About Taxes)/esop distribution


I went through a divorce. Part of the settlement was for me to have a percentage of Our ESOP. I was told in 2009 that I would have to wait a period of 5 years before distribution. I recently received a letter stating that distribution or a roll-over was available to me. After talking with the the over seeing fund I was notified that I would receive , if elected a pay-out or a rollover of approx. 70K every year for the next five years.

Question ? I am a low-income individual under 10k per year , newly married , filing taxes married but seperate.

I desire to take the check pay approx. 70k out for the first distribution and place that amount in the bank with CD's or something of that sort and then the follwing payments would move into somekind of a retirement plan such as a Roth IRA or a Tradional IRA.

How unwise is this as far as a Tax concern.

Who should I seek for My tax & investment concerns ?

You don't have nearly enough facts or information to connect all the dots.    You need solid help - either a local cpa or trusted advisor.   Send a new inquiry but mark it private and ill follow up with contact info

There is lots more here than meets the simple eye  

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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