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Gross up
I received a 5000.00 bonus for moving to Virginia in July for my job. I talked to someone at the relocation place that does the taxes and they said it was grossed up on my behalf and the payments were sent to my place of employment so that that it could be sent to the proper taxing people to cover any additional income. Do I still have to pay taxes on this thanks
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What a gross up means is that the amount of your bonus was calculated so you would NET a specific amount. So your actual bonus was higher but after deductions were taken you received $5K. So yes you do need to pay taxes on that income. The total amount of the bonus and the amounts withheld for taxes should have been reflected in your W2. So just use your W2 figures for your return. |
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