How do I repay my CARES Act withdrawal? 

 

What is a coronavirus-related distribution? 

A distribution that is made from an eligible retirement account to a qualified individual from January 1, 2020, to December 30, 2020, up to a total limit of $100,000 from all plans and IRAs. 

Please visit the IRS website for more information. 

 

Repayment

Please talk with a qualified tax profession to determine if you’re eligible to repay your withdrawal into your M1 IRA as a rollover contribution. 

If you’re eligible, you can repay all, or part, of the coronavirus-related distribution to a retirement plan if you complete the repayment within three years of receiving the distribution. 

 

If you want to repay this distribution to your M1 IRA account, you can make a rollover contribution by following the steps below:  

  1. Click the "Transfers" tab.  
  2. Click "Move Money"  
  3. Click "One-time Transfer."  
  4. Under "From," select the bank account you want to pull funds from.  
  5. Under "To," select the M1 IRA account you want to deposit the funds into.  
  6. Under "Amount," input the dollar amount you want to deposit.  
  7. Check “Select if this transfer is a Rollover” 
  8. Click "Continue," review your transfer details, and confirm the transfer if everything looks correct. 

You'll receive a 5498 tax document to reflect this “Rollover” contribution. 

 

M1 does not provide tax advice. You should consult your own tax advisor regarding your personal circumstances before taking any action that may have tax consequences. 

 

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