My previous company gave me a starting bonus, and when I left in less than a year, I was forced to repay a portion of the bonus to the company. Can I claim that loss on my taxes, and if so how?
I worked for this company for 6 months in 2005, and left in January of 2006. I have a W-2 from them for the first two weeks of 2006, when I was still an employee - and it does not reflect the money that I repaid the company, which was presumably counted against when I recieved the bonus originally, in 2005...
2007-02-04 17:03:18 · 4 answers · asked by tax confused 1 in Business & Finance ➔ Taxes ➔ United States
no you would have to refile last years taxes as adjusted - showing that you did not make all the sign on that was paid, as you paid some back. With proof of backback and copies of the years w2 showing the payment.
2007-02-04 17:13:24 · answer #1 · answered by Carl P 7 · 0⤊ 0⤋
Yes you can claim a deduction for the return of the bonus as an unreimbursed employee expense on Form 1040 Schedule A, subject to 2% of your AGI.
2007-02-04 23:01:58 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
You get a 1040X form. You add the $1000 back to the income line. If youa re in the 15% tax bracket, you will owe around $150.
2016-03-29 05:32:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You'd need to file an amended return for your 2005 taxes.
2007-02-04 17:16:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋