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-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Sign on bonus question (https://www.askmehelpdesk.com/showthread.php?t=564504)

  • Mar 23, 2011, 12:41 AM
    askexpert
    Sign on bonus question
    Hi
    I have a question about the tax refund of my sign on bonus.
    Married jointly, one new born baby
    Started to work last Jan, sign on bonus $5,000 was included in W2 form, after tax bonus received $2,877
    Box 1 in W2 form is $59,196.03,box 2 federal is $4,854.62
    How much refund I should received from the bonus?
    Should I file the bonus and regular income separately?
    Thank you.
  • Mar 23, 2011, 12:46 AM
    MukatA

    If sign on bonus is included in your W-2, you will not report income and bonus separately. Report only what is on your W-2.
  • Mar 23, 2011, 04:26 AM
    askexpert
    Thank you, I appreciate your help.
    The bonus was taxed at higher rate, the regular pay was taxed at the income tax rate,
    What should I do with the bonus tax return since it's included in the one w2 form.
    I used TurboTax online filling, there's no specific line for bonus tax. Please advice.
    Thanks.
  • Mar 23, 2011, 04:51 AM
    joypulv
    You add the income together and you add tax withheld together, and you enter them both on your tax return. It doesn't matter what each rate was. If it was high for the bonus, you'll just owe less or get some of it back.
  • Mar 23, 2011, 05:03 AM
    askexpert
    Thank you for your answer.

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