You may have answered this question from other members, but I just wanted to get something clear. I've left my job 6 months ago. My new job doesn't have a retirement plan that I can roll over my 401k to. I'm not really that interested in opening up an IRA account. I'm thinking about just cashing it all out. I've been told that there is a minimum 20% tax by the government. What other withholdings should I expect? -- Also, if I just left my 401K alone, without cashing out or rolling over, will I be penalized? The previous job was a non-profit organization-- so the 401K was through Mutual of America. I'm going to start teaching in about a year -- so I would really rather wait until then to roll this account over, rather than starting an IRA, but I don't want to get penalized in the meantime. Please advice.

The penalty for early withdrawal is 10%. You'll also pay capital gains tax (at whatever % is appropriate for your income level) also.

The company has the option of taking either of these out before you get it.
Whatever they don't withhold, you'll owe it on that years' tax return.

Hi,
Please call your Plan Administrator.
I had the same experience with working with a company for 20 yrs, before they sold out to another company, and along with others, was eventually laid off in a so-called "permanent cost reduction" plan. (others were over 50 also!).
I left my 401K money in the plan, and after talking with the Plan Administrator, found out I could either withdraw it, or leave it. By that time, I was fully "vested". And, with this particular company, it could be drawn out at 55 without early withdrawal penalties. The "early withdrawal penalties" depend on the age set by the Plan Administrator of the company. usually not before 55.
As another said, if you are NOT fully vested, you will pay a penalty, with 20% taken out for Federal Taxes, plus at the end of the year, might owe State Taxes, where applicable.
If your Plan Administrator says you can leave it in, I would, and let it grow without adding more to it. Or, as you say, roll it over when you can into another 401K, IF the company you work for later will allow it.
I do wish you the best of luck.