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?
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Claim hardship and throw yourself on their mercy.
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Tell ‘em, “tough tiddies, go ask the IRS for the rest.”
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You'll likely need real legal advice on this situation.
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https://www.airlinepilotforums.com/envoy-airlines/112755-bonus-repayment-3.html
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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?
https://taxmap.irs.gov/taxmap/pubs/p525-005.htm |
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?
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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
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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.
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Change your phone and email. No way to contact you! :)
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