Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Showing results for 
Search instead for 
Did you mean: 
New Member

I took a COVID 401k withdrawal an want to return it back!

I freaked out because I lost my job and I cashed my 401K only 21K back in July 2020. Now I am employed since oct 2020 and I wish to return the whole thing back, my previous 401K is now closed as I no longer work for that employer and I cash out. I have a new 401K with fidelity, I wonder how I can return the 21K all at once back to my new 401K. Thank you 

2 Replies
Expert Alumni

I took a COVID 401k withdrawal an want to return it back!

The problem is that you only have 60 days to rollover those funds to a new retirement account. You are past the point of that grace period.


My only suggestion is report the 1099R and then in the follow up screens that ensue, there is a screen that says Tell us if any of these uncommon situations apply.  Here is where you can select I took out this money because of a qualified disaster (includes COVID-19). If you select this, you will have an option to prorate that income over a three-year period.


Right now because of the changes in Congress, you won't be able to declare that now because the form (8915-E) that is used to make this election is not available until 2/24. if you are interested in making this election, Please sign-up here and we will email you once the form is live.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Level 15

I took a COVID 401k withdrawal an want to return it back!

if you took a true COVID distribution. i.e. you meet the qualifying conditions,

you have three years to put the money back into your 401k.

you'll have to ask Fidelity what forms you'll need.

Dynamic AdsDynamic Ads
Privacy Settings