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Like retirebyage40, most of my savings are in 401k(s). About a year ago I was forced into an employer change due to a contract award. My then current 401k is still open although I cannot contribute, but can allocate the investments within the account. Direct rollover is not allowed. Question - if I terminate (close) the account, 20% will be withheld. If I then roll this into an IRA, and cover the 20% from other resources, will this be a taxed event? Penalties?

Thanks - MJK
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