Payback sign on bonus?

Payback sign on bonus?

Postby eron94 » Wed Jan 19, 2011 4:32 am

Hey,

I received a sign on bonus when I was hired, and my contract states, "should the employee resign or be terminated prior to 12 months, the bonus must be paid back in its entirety".

My question is, I lost almost 1/2 to taxes when I received it, so would I need to pay back the after tax amount, or the full?
eron94
 
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Payback sign on bonus?

Postby woolsey63 » Wed Jan 19, 2011 4:39 am

you pay back to your employer the full amount "in its entirety", and then u file an amended tax return for the earlier yr when u received the bonus, to take away that bonus, and u should get the tax back from the govt.
woolsey63
 
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