Repayment of a covid relief withdrawal

[gobosox0407]

I took out a withdrawal from my retirement plan for covid 19 relief, and was wondering if the normal contributions I have made from my paychecks since I got the withdrawal count towards repayment of said withdrawal? Any clarification would be helpful.

[macuser_22]

No.  New contributions are NOT repayments.    Contributions are putting new money in, repayment is putting money that you took out back.

[gobosox0407]

That’s what I thought however I was never given an option to setup a payment plan, nor can I find any options to set one up at this point. I suppose I will have to look harder

[macuser_22]

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@gobosox0407 wrote:

That’s what I thought however I was never given an option to setup a payment plan, nor can I find any options to set one up at this point. I suppose I will have to look harder

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Repaying is an option if you do not want to pay tax on the distribution.

For 2020 repayment before the May 17, 2021 due date, consult the plan administrator how to send the money back to them and then you report the repayment in the 1099-R section COVID interview to go on your 2020 tax return as a rollover.

For 2021 there will be a revised 8915-E form to report any repayment.

[brownsdm]

I took 200k from my 401K in a panic last year die to COVID concerns, I realized my error and was able to put back 100K as a result of the COVID Relief bill within a couple of days. I now want to return the 100k, how should I go about doing this and how should this be accounted for in my taxes?

[ColeenD3]

Which $100,000 are you referring to. You already rolled $100,000 back in a timely manner. Are you referring to the balance of the distribution? You only have 60 days in which to do this. The time has passed.