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About Glenn D Schnabel
Expertise
I can answer most federal individual income tax questions. I can not provide legal advise.

Experience
I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

Organizations
I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.

Education/Credentials
I have my B.S.B.A in Business Administration . Concentration in Accounting I have gone to yearly tax seminars and have tried to keep up with the evolving tax changes

Awards and Honors
Over my years I have received local awards for contributions to worthy organizations.

Past/Present Clients
This, of course remains confidential

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Tax on Signing Bonus Repayment

Tax Law (Questions About Taxes) - Tax on Signing Bonus Repayment

Expert: Glenn D Schnabel - 10/27/2009

Question
Hi,

I received a signing bonus of 10k (actually, two bonuses of 5k each) for signing on with a company. These were both issued during 2009. I am required to pay back the bonuses if I leave before one year. If I leave during 2010, will I have to pay back the total 10k or just the net pay, which turns out to be closer to 6k? Basically, I am wondering if I will lose that 4k or so on taxes if I decide to leave in 2010.

Answer
Kevin,

I would say you would have to pay back the $10,000. You would then take it as an itemized deduction in the year paid back.

The $4000 is the amount that they paid on your behalf to cover the taxes. Fica, Medicare, Federal and State, if applicable.

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