• Tax: The $1,500 will be added to your 2022 income, so you'll pay income taxes on that money. You had at least 20% withheld, depending on the rest of your income tax situation that may or may not cover you.
• Penalty: You'll owe a 10% penalty on the distribution, assessed at tax time.
• Investment growth: You'll obviously lose years worth of investment growth.

You shouldn't cash out 401ks when you change jobs, you should roll it over to the new job. It would've been a better idea to do a direct rollover to a 401k or IRA.

If you're still within 60 days of the 401k closure date, strongly suggest you put the full 1500 into an IRA coded as an indirect rollover, or at least the amount you received net of taxes.