Returning Sign on Bonus - How does tax returns work?

Question

Sep 22, 2007, 10:35 AM

AjayNampally

New Member

Join Date: Sep 2007

Posts: 1

Returning Sign on Bonus - How does tax returns work?

I am offered sign on bonus of 10000 USD.
Restrictions: I get 30% if I stay 13 months with my employer.
My Question: After taxes, I get around 7000K. If for some reason, I leave my employer before 13 months, I need to return all 10000, though I got only 7000 in hand.
How do I go about rest of the 3000, which I paid in taxes? Is there any procedure to get my 3000 back on tax returns?

Answers

Sep 22, 2007, 12:13 PM	#2

AtlantaTaxExpert Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 10,043	The bonus IS taxable income, so you may not get it all back. The $3,000 withholding will be reflected on your W-2.

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