taxes will also depend on your other income.
do you need the money?
if not, why don't you see if your former employer will do a direct rollover into an IRA you establish. you avoid income taxes and penalties. if it wont, you still have the option of putting the $ you get into an IRA, though you would have to make up any withholding to completely avoid taxes and penalties. if you can't make up the difference you would only be taxed on the amount not rolled over + the 10% penalty.
