If it has been less than 60 days, you can open a private IRA and deposit the money to the IRA as a rollover. Many banks and brokers have low-cost IRA options. Make sure you tell the IRA custodian that this check represents a rollover and not a contribution. You can then allow the money to grow toward your retirement, and you may be eligible to make additional IRA contributions depending on your income and work situation.
You will still receive a 1099R from the 401(k) plan in January, but on your tax form you will indicate that you did a rollover with the money, and you will not pay tax or a penalty.
