turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Our Community is moving to a new platform on June 8th! Read more here!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

tracycan
New Member

Will I need to include bonus amounts if I already paid taxes on them when I received them?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Will I need to include bonus amounts if I already paid taxes on them when I received them?

You must include all of the income you received in 2021.   Your tax liability is based on the total amount of income you received during the tax year.   Your refund is the difference between the amount of tax withheld and the amount of your liability.   If the bonus is reported on some other document you must enter that document.   Or more likely it is already included on your W-2.  Ask your employer.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
HelenC12
Expert Alumni

Will I need to include bonus amounts if I already paid taxes on them when I received them?

@xmasbaby0 is correct.

 

You'll get credit on your tax return for the income taxes you paid from your bonus, when you file your income tax return. Your income tax paid versus your income tax that you should have paid gets reconciled when you file. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question