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    aud's Avatar
    aud Posts: 1, Reputation: 1
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    #1

    Apr 19, 2007, 06:24 PM
    What to do with cashed out 401k under $1000
    I quit my job to go back to school 2 years ago, and only had about $600 in my 401k. Fortunately my employer forgot about me and my small account (I checked into a rollover, but nobody wanted to deal with such a small balance, so I just ignored it). But just this month the company sent me a check for the amount (minus penalties I assume). What should I do with the check? Should I just cash the check and take the loss? I will not have another job until next year.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Apr 19, 2007, 07:41 PM
    If you want to put it into a plan, I know both State Farm and Woodmens of the World will allow that to be invested.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Apr 19, 2007, 07:45 PM
    There are plenty of banks that would be happy to open an IRA for you even with that small an amount. What was taken out of the check was tax witholding. So you will need to rollover the whole amount of the distribution and you will get back the withheld amounts when you do your taxes.
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