No. Contributions are not repayment. Normally re-payment is set-up during the withdrawal process. Contributions reduces taxable income in the year contributed.
You can avoid paying taxes on your CARES Act retirement withdrawal if you are able to put the money back in the account within three years of the distribution. If you are short on cash, you can take your time and repay the money next year or the year after. For example, if you withdrew $30,000, you could repay $10,000 a year for 2020, 2021 and 2022, or you can repay all $30,000 by year three. You can use any repayment schedule, as long as all the taxes are paid or the money is returned to your retirement account by year three.
Deferred compensation is a portion of an employee's compensation that is set aside to be paid at a later date. In most cases, taxes on this income are deferred until it is paid out. Forms of deferred compensation include retirement plans, pension plans, and stock-option plans.
Click HERE for more information from The IRS on Deferred Comp.
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