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Started By
Message
Repaying a signing bonus
Posted on 12/7/18 at 1:38 pm
Posted on 12/7/18 at 1:38 pm
So when I started working for my current employer this year I took a signing bonus that kept me tied down to my current location and now that I may be moving I will need to repay it in full. I am just wondering how it will work for the federal, state and RR retirement taxes that were withheld from that bonus. Do I get this paid back to me when I repay it before the end of 2018?
I tried calling payroll up and they are fricking useless.
I mean I am assuming that Ill be getting what I paid in taxes back when I pay back the gross that I got for the bonus since that income will no longer exist on my 2018 W2.
I tried calling payroll up and they are fricking useless.
I mean I am assuming that Ill be getting what I paid in taxes back when I pay back the gross that I got for the bonus since that income will no longer exist on my 2018 W2.
This post was edited on 12/7/18 at 1:42 pm
16
Posted on 12/7/18 at 1:41 pm to TigersHuskers
Just pay the company back what you got after taxes. Tell them the government owes them the rest.
Posted on 12/7/18 at 1:42 pm to Tri City Tigers
quote:
Just pay the company back what you got after taxes. Tell them the government owes them the rest.
I was told I have to repay the gross by those idiots in payroll. I wont be moving till next year but I want to be able to claim this on my 2018 return
This post was edited on 12/7/18 at 1:43 pm
Posted on 12/7/18 at 1:43 pm to TigersHuskers
Or use the Jimmy McGill method. Have them fire you so you don’t have to repay it.
Posted on 12/7/18 at 1:45 pm to teke184
quote:
Or use the Jimmy McGill method. Have them fire you so you don’t have to repay it.
like BNSF woulndt go all out to get 5 grand back. that company would step over $100 to pick up a dime
Posted on 12/7/18 at 1:45 pm to TigersHuskers
quote:
I was told I have to repay the gross by those idiots in payroll.
I'd pay them the net and tell them they might want to change that sign on bonus to a 1099.
Posted on 12/7/18 at 1:46 pm to TigersHuskers
quote:
I tried calling payroll up and they are fricking useless.
call the recruiter.
Generally what i have seen done is that paychecks are docked to make the company whole. I have also seen that HR is so incompetent that nothing is clawed back.
Posted on 12/7/18 at 1:46 pm to TigersHuskers
quote:
I was told I have to repay the gross by those idiots in payroll
You only have to pay what they pay you. Your income taxes are your responsibility. Their employment taxes are their responsibility to get refunded. Don't pay the gross amount, pay the net amount.
Posted on 12/7/18 at 1:48 pm to TigersHuskers
IRS Publication 525
Posted on 12/7/18 at 1:51 pm to TigersHuskers
What does your employment contract say? Last time I got one it was prorated but I left long after the required time I had to be employed without paying it back.
I would assume they would yank it out of your final paycheck.
I would assume they would yank it out of your final paycheck.
Posted on 12/7/18 at 1:53 pm to Pechon
quote:
What does your employment contract say? Last time I got one it was prorated but I left long after the required time I had to be employed without paying it back.
I would assume they would yank it out of your final paycheck.
well im still going to be working for BNSF this bonus was just tying my down to Alliance, NE and I couldnt move anywhere else in the system for 5 years and for $5,000 its not worth it.
Posted on 12/7/18 at 1:55 pm to TigersHuskers
quote:
well im still going to be working for BNSF this bonus was just tying my down to Alliance, NE and I couldnt move anywhere else in the system for 5 years and for $5,000 its not worth it.
You don't have to pay them back their portion of the tax. They need to get their refund back from the government on that piece. You'll have to deduct that income from your own taxes at the end of the year which will lower your taxable income and tax burden.
Posted on 12/7/18 at 1:55 pm to TigersHuskers
Best method is to say as little as possible about it and let the incompetent people in payroll/hr make a mistake and forget it.
Posted on 12/7/18 at 1:56 pm to TigersHuskers
Maybe you should honor your commitment.
Posted on 12/7/18 at 1:58 pm to Mingo Was His NameO
alright ill try that out then. I just spoke to payroll earlier in Topeka and they kept saying gross and that was about it and to be honest most of them guys dont really sound like they know what theyre talking about.
Posted on 12/7/18 at 1:58 pm to TigersHuskers
Let’s clarify something:
You received and plan on paying back the bonus all in 2018?
You received and plan on paying back the bonus all in 2018?
Posted on 12/7/18 at 1:59 pm to Jorts R Us
quote:
You received and plan on paying back the bonus all in 2018?
Yes. It ties me down for 5 years and I figured for $5000 its not worth the tie down.
Posted on 12/7/18 at 2:00 pm to TigersHuskers
quote:
I was told I have to repay the gross by those idiots in payroll.
Duh
Posted on 12/7/18 at 2:01 pm to TigersHuskers
quote:
Yes. It ties me down for 5 years and I figured for $5000 its not worth the tie down.
Ok. Is your employer going to take this out of your payroll or are you cutting them a check? Have you discussed it with them?
I would discuss it with them first. If you cut them a check, depending on the amount you are paying you’ll either be able to claim an itemized deduction or credit for the taxes on your income tax return. Again, see 525.
If you cut a check and they refuse to refund/correct for the payroll taxes, ask for a statement indicating the amount of over-collection to support your claim and file a claim for refund with form 843.
This post was edited on 12/7/18 at 2:16 pm
Posted on 12/7/18 at 2:07 pm to TigersHuskers
Maybe ask if you can pay it back in payroll deduction. Start with a 24 month offer and work down if needed. Try to keep their money as long as possible without too much conflict.
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