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-   -   Bonus Payback - taxes? (https://www.airlinepilotforums.com/envoy-airlines/113393-bonus-payback-taxes.html)

Learbubba 05-02-2018 04:08 PM

Bonus Payback - taxes?
 
So I took the bonus at Envoy but ended up having to leave (family reasons) after 2 weeks. Here's the issue, I netted $11.5K of the $17.1 K bonus (taxes.) Well they want me to pay back $17.1K and say I'll get the rest back from the Govt next year. Anyone have any experience with this or know any way around paying back money I didn't get?

NoValueAviator 05-02-2018 04:31 PM

Claim hardship and throw yourself on their mercy.

jonrayburn 05-02-2018 04:35 PM

Tell ‘em, “tough tiddies, go ask the IRS for the rest.”

mojo6911 05-02-2018 04:57 PM

You'll likely need real legal advice on this situation.

jonrayburn 05-02-2018 05:19 PM

https://www.airlinepilotforums.com/envoy-airlines/112755-bonus-repayment-3.html

Toonces 05-02-2018 06:14 PM


Originally Posted by Learbubba (Post 2585027)
So I took the bonus at Envoy but ended up having to leave (family reasons) after 2 weeks. Here's the issue, I netted $11.5K of the $17.1 K bonus (taxes.) Well they want me to pay back $17.1K and say I'll get the rest back from the Govt next year. Anyone have any experience with this or know any way around paying back money I didn't get?

You will report it on your taxes as a miscellaneous itemized deduction under schedule A. Refer to the below link. If you pay someone to do your taxes, send them all your records of the bonus receipt and the bonus repayment.
https://taxmap.irs.gov/taxmap/pubs/p525-005.htm

pilotgolfer 05-02-2018 06:23 PM


Originally Posted by Learbubba (Post 2585027)
So I took the bonus at Envoy but ended up having to leave (family reasons) after 2 weeks. Here's the issue, I netted $11.5K of the $17.1 K bonus (taxes.) Well they want me to pay back $17.1K and say I'll get the rest back from the Govt next year. Anyone have any experience with this or know any way around paying back money I didn't get?

How soon do they pay you the bonus? I figured they would at least wait till you are done with training or checked out on line

havick206 05-02-2018 06:28 PM


Originally Posted by pilotgolfer (Post 2585123)
How soon do they pay you the bonus? I figured they would at least wait till you are done with training or checked out on line

The check is on your desk when your phone is walk into Indoc.

griff312 05-02-2018 07:57 PM

I know for 2017 you should be able to itemize the deduction. But for 2018 and forward, I don't think you can, unless you can still beat the new (higher) standard deduction. But also keep in mind, you can't deduct as many things under the new plan, that you could before. But as someone wlse already said, this is a unique situation, so you may need to consult a tax attorney.

EmbaeDriver 05-02-2018 08:35 PM

Change your phone and email. No way to contact you! :)


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