I would like to cash out my 401K and have been searching for a way to do it? This would be accumulative of the years I have worked for several companies. Do I need to go to each one? Or is it in one account that I can go to. I know the risks, and I really need the money, and I am not eligible for a loan, nor do I want one. PLEASE HELP! Just want to know how to cash out my whole 401K. Thank you!
Jess

Well only you know this, do you have one 401K account or do you have several accouints?? Also to be honest is the 401K connected to your current employment and so on.

If your 401(k) accounts are scattered across several companies (i.e, you have never rolled any of them to either an IRA or the 401(k) plan at a more recent employer), you will have to contact the plan administrator for each plan and submit whatever paperwork they require for a withdrawal. Assuming you are under 55 years old, you will owe ordinary income taxes plus a 10% penalty for early withdrawal on the amount you take out. For each withdrawal the administrator should automatically withhold 20% for federal income taxes, but depending on your personal situation you may owe more come next April, as well as the penalty and any state income tax due.

One other option to consider - if you are using the money for higher education payments or a first-time home buy or for medical insurance, you may be able to save the 10% penalty by rolling the 401(k) to an IRA first, then making a withdrawal from the IRA.