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I was given an $8,000 dollar sign-on bonus earlier this year. Now I am leaving and will have to repay it because of the contract. How do I handle the taxes?
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Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Wages that are repaid are not taxable income for income tax or SSI purposes. The employer should issue a w2 that reduces income by the amount of the repayment.
Answered on May 04th, 2015 at 7:15 AM