diff --git a/Modules/_winapi.c b/Modules/_winapi.c
index 30fcb4e1768..2c034628e34 100644
--- a/Modules/_winapi.c
+++ b/Modules/_winapi.c
@@ -132,6 +132,7 @@ overlapped_dealloc(OverlappedObject *self)
     DWORD bytes;
     int err = GetLastError();
 
+    PyObject_GC_UnTrack(self);
     if (self->pending) {
         if (check_CancelIoEx() &&
             Py_CancelIoEx(self->handle, &self->overlapped) &&
@@ -164,7 +165,6 @@ overlapped_dealloc(OverlappedObject *self)
 
     CloseHandle(self->overlapped.hEvent);
     SetLastError(err);
-    PyObject_GC_UnTrack(self);
     if (self->write_buffer.obj)
         PyBuffer_Release(&self->write_buffer);
     Py_CLEAR(self->read_buffer);