401 K withdrawals
my husband needs to make a withdrawal from his 401K. He was laid off last year and the 401K is still with his old company. He can do this without penalty because of his age, but his company says he will have to take all or nothing. If he takes 'all', can he then roll some of the money into an IRA, but keep a portion for himself. Also if you take a withdrawal, I know you are liable for income tax, but is there anything else that you would be liable for?