My wife left her last employer about a year ago. Her balance in her 401K was so small (about $1500 or so) that they paid the amount, less some taxes, to her in the form of a check.Can I deposit this into a traditional IRA or ROTH IRA account? If so, do I need to deposit additional funds to make up the taxes already taken out? If I roll this over to an IRA, does this amount still count towards my taxable income for 2001? If not, what is the tax benefit to depositing the funds into an IRA versus just spending the money?I know I've got a lot of questions, so if there is an online resource that addresses these questions, please feel free to direct me there rather than answering all of my questions.Thanks in advance for your help.
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