Yes, you can roll over your 401(k) balance to an IRA after leaving your job, without incurring any immediate taxes or penalties. This can be done through a direct rollover, where the funds are transferred directly from your 401(k) plan to an IRA, or an indirect rollover, where you receive a check and have 60 days to deposit the funds into an IRA. With an indirect rollover, 20% of the distribution will be withheld for taxes, which you can recoup when you file your tax return. Be sure to follow the rollover rules outlined in IRC Section 408 to avoid any potential penalties.
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