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    sallie jean's Avatar
    sallie jean Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 17, 2006, 11:09 AM
    Another sign on bonus question
    Hello,

    I have a question about a sign on bonus I just received in May. It was for 21,500 and after taxes I received approximately 12,800 dollars. I have been working for the company for a few months now, and now am moving out of the agreed area for my bonus to be effective. Is there any way for me to return the money to them without having to pay the taxed portion of the bonus out of my own pocket? I have not spent a dollar of the bonus yet, so I have the full 12,800, but I am unsure of what to do about the other portion of the taxed money. I noticed a similar question posted, but I also noticed that by the time the other poster returned his sign on bonus, a fiscal year had passed. Is this a different situation since I have only been there 2 months? Thanks!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 18, 2006, 04:39 PM
    The taxes that were withheld have already been sent to the IRS, SSA and whichever state you pay taxes to. Now adjustments can be made if the money is returned and your tax withholding must be adjusted.

    If you leave the company, you need to make sure the proper adjustments are made.
    sallie jean's Avatar
    sallie jean Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jul 18, 2006, 09:01 PM
    Thank you so much!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jul 19, 2006, 03:59 PM
    Glad to help!
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