This Tax Rule Can Make Cashing Out Your 401(k) a Nightmare. Here's How to Avoid It.
When you're leaving a job, it's only natural to want to take your 401(k) funds with you. It's your money, after all, and leaving it behind can have unpleasant consequences. Your savings might not grow quickly due to high fees, or you could forget about the account altogether.
It might seem simplest to cash out the account and deposit it elsewhere, but there's a major problem with this approach. Here's what you need to know when transferring your 401(k) funds.
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Source Fool.com
