{ "media_type": "text", "post_content": "Do you get a tax credit/refund when you pay back a sign on bonus?", "post_id": "5f8f26c16dc0f800208e6146", "reply_count": 5, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Do you get a tax credit/refund when you pay back a sign on bonus?

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Maybe (and only partially) - If paid back in same year received: yes, you end up whole. It just nets out of salary. - If paid back in a subsequent year: You probably don’t get much back. The income deduction is subject to the 2% rule AND would need to exceed the standard deduction (which is much higher than it used to be).

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sounds like you’ve paid back some sign on bonuses lol

You can but get a receipt and you can show it as an expense

Likely to be taken from your salary as a deduction?

To clarify, say you get a $30k sign on bonus and pay taxes of $10K. I assume I’ll need to pay the company back the full $30K so do I get the $10K taxes back from the IRS?

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