If you repay a bonus in the same year you receive it, you can reduce the amount of income included by the repayment. You will add in TurboTax as Miscellaneous Income using the steps below:
- Under the Less Common Income section you should see Miscellaneous Income, 1099-A, 1099-C; select the Start option to the right.
- On the next page choose "Other income not already reported on a Form W-2 or Form 1099"
- For the description, write Repayment of Signing Bonus and include the amount as a negative number.
Note: You do not make adjustments for the taxes you paid because the employer refunded you the Social Security/Medicare tax in cash and the other withholding is included on the W2.
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