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There is a wrinkle here you need to know--the check should be made out directly to your new trustee, which can be Ameritrade, not to you. If they make the check out to you there are some nasty tax issues.

Not necessarily. You can receive the check from the 401(k)administrator; however, the money MUST be deposited into a new IRA account within, I believe, 90 days. If not, then you suffer the consequences of 20% taxation, as well as 10% penalty.

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