topic If I pay back a $20k signing bonus, do I get my taxes back on it? in Get your taxes done using TurboTax

If I pay back a $20k signing bonus, do I get my taxes back on it?

volcanic1x — Sat, 01 Jun 2019 00:47:46 GMT

If I take a job that has $20k signing bonus that has a 1-year payback penalty if I don't work there a year, then I end up leaving early. I have to pay it back. What happens with the taxes? Will I get back the ~$6,800 in taxes on my tax return, since that $20k income will be undone?

See this previous TT answer: https://ttlc.intuit.com/que...

TomD8 — Sat, 01 Jun 2019 00:47:48 GMT

See this previous TT answer: https://ttlc.intuit.com/questions/3359139-my-story-is-last-year-i-joined-a-comp-and-they-gave-me-a-s...

Since the amount of the repayment, in question, is more t...

Hal_Al — Sat, 01 Jun 2019 00:47:49 GMT

Since the amount of the repayment, in question, is more than $3000, you will get all of the income tax paid, or close to all of it, back.
As you can see from the reference link, It's complicated as to how you get it back, but you do get it back.

What you're asking about is a "Claim of Right" calculatio...

bwa — Sat, 01 Jun 2019 00:47:51 GMT

What you're asking about is a "Claim of Right" calculation on repayment of money you had a claim to. TurboTax on-line does not support the "claim of right" computation. TurboTax desktop, in the forms mode, permits the credit to be entered in the "smart worksheet" above line 72, but you still would need to compute it manually.