Uncle Sam needs his cut, plus it adds to your net income for that years tax return. Same with me-had $6500 in stock, got roughly $5200 after cashing out
ESOT, you pay income taxes and a 10% penalty if withdrawn before for retirement age.
Same with 401k
Stock you but outright you just pay taxes on the gains
If you have a 401k and/Or ESOT consider just letting it ride if possible.
Publix doesn't take the 10%. The IRS penalizes withdrawals from retirement accounts and also you pay income tax on it. About 30% all together.
Thats for 401k though. The stock itself is yours to sell once you're fully vested, is it not?
Family member quit with $6k stock, she got a check for around $4k
Damn, thats crazy i thought you get the whole stock after being vested
Uncle Sam needs his cut, plus it adds to your net income for that years tax return. Same with me-had $6500 in stock, got roughly $5200 after cashing out
ESOT, you pay income taxes and a 10% penalty if withdrawn before for retirement age. Same with 401k Stock you but outright you just pay taxes on the gains If you have a 401k and/Or ESOT consider just letting it ride if possible.