So since I am pay NO fees for keeping it in the previous employees 401K, and I have many investment choices, and I am out of work right now so I have no new employers 401K to roll to, it makes sense to just leave it where it is???

If I roll it to the traditional, then Roth IRA, I will have to pay taxes. Will the taxes come out of the investment total, or will I have to pay them out of pocket?

Will I be taxed on what I paid for the investment stocks, or on what they are worth now (which is considerable less)??

Will I need to pay the taxes at the time of the roll over, or when I report my income taxes for 2002?

Thanks for the info everyone!