diff --git a/.changelog/40082.txt b/.changelog/40082.txt
new file mode 100644
index 000000000000..dceb71dd7f00
--- /dev/null
+++ b/.changelog/40082.txt
@@ -0,0 +1,3 @@
+```release-note:bug
+resource/aws_eip: Properly surface errors during deletion when `ipam_pool_id` is set
+```
diff --git a/internal/service/ec2/ec2_eip.go b/internal/service/ec2/ec2_eip.go
index 69df5eeec912..4959f60ae7b3 100644
--- a/internal/service/ec2/ec2_eip.go
+++ b/internal/service/ec2/ec2_eip.go
@@ -340,6 +340,14 @@ func resourceEIPDelete(ctx context.Context, d *schema.ResourceData, meta interfa
 	log.Printf("[INFO] Deleting EC2 EIP: %s", d.Id())
 	_, err := conn.ReleaseAddress(ctx, input)
 
+	if tfawserr.ErrCodeEquals(err, errCodeInvalidAllocationIDNotFound) {
+		return diags
+	}
+
+	if err != nil {
+		return sdkdiag.AppendErrorf(diags, "deleting EC2 EIP (%s): %s", d.Id(), err)
+	}
+
 	// If the EIP's CIDR block was allocated from an IPAM pool, wait for the allocation to disappear.
 	if v, ok := d.GetOk("ipam_pool_id"); ok {
 		ipamPoolID := v.(string)
@@ -355,14 +363,6 @@ func resourceEIPDelete(ctx context.Context, d *schema.ResourceData, meta interfa
 		}
 	}
 
-	if tfawserr.ErrCodeEquals(err, errCodeInvalidAllocationIDNotFound) {
-		return diags
-	}
-
-	if err != nil {
-		return sdkdiag.AppendErrorf(diags, "deleting EC2 EIP (%s): %s", d.Id(), err)
-	}
-
 	return diags
 }