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    DavisBrian's Avatar
    DavisBrian Posts: 1, Reputation: 1
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    #1

    Nov 13, 2008, 11:25 AM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 13, 2008, 01:04 PM
    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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