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-   -   Being Laidoff and wanting to know if I can get tax exemptoin on retention check (https://www.askmehelpdesk.com/showthread.php?t=280522)

  • Nov 13, 2008, 11:25 AM
    DavisBrian
    Being Laidoff and wanting to know if I can get tax exemptoin on retention check
    I am being laid off, and would like to know if it is possible to get either my severance or retention check tax exempt to payoff big bills?
  • Nov 13, 2008, 01:04 PM
    AtlantaTaxExpert
    Sorry, it does not work that way.

    Your severance is a lump-sum payment that WILL be subject to tax withholding, probably at 25-to-30%.

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