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emlynmcg
New Member

If in 2015 I was paid a $5k signing bonus, around $3500 take home, then left the job and pay it back the $3,500 do I need to refile my 2015 taxes?

I was sent a corrected w-2, but don't think that this will affect my taxes at all because they already took tax payment right out of the bonus. I paid the full bonus right back to them so that would affect my income for the year. Just wondering if I need to refile or not, and if so how the refile will look. 

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4 Replies

If in 2015 I was paid a $5k signing bonus, around $3500 take home, then left the job and pay it back the $3,500 do I need to refile my 2015 taxes?

Did you repay the bonus in the same year as you receive it (in 2015)?

Did you just receive a corrected W-2 now?  What was changed on the W-2?
Carl
Level 15

If in 2015 I was paid a $5k signing bonus, around $3500 take home, then left the job and pay it back the $3,500 do I need to refile my 2015 taxes?

To answer the question, NO. You received the money in 2015 and paid taxes on that money in 2015. What happnened to the money after that has absolutely no effect what-so-ever in any way, form or fashion on your 2015 return.
If you paid it back in a later year, then you will report the payback on the tax return for the tax year you actually paid it back. Your 2015 tax return remains unchanged.
emlynmcg
New Member

If in 2015 I was paid a $5k signing bonus, around $3500 take home, then left the job and pay it back the $3,500 do I need to refile my 2015 taxes?

I repaid the bonus in 2016 back to the company. So how would I go about reporting that on my 2016 return if it was money earned in 2015? I got a corrected 2015 w-2 shortly after I paid back the bonus I just am unfortunately only now addressing it (I know I should have done this a long time ago).

If in 2015 I was paid a $5k signing bonus, around $3500 take home, then left the job and pay it back the $3,500 do I need to refile my 2015 taxes?

If you have a corrected W-2 for $5,000 less income you are due a refund and should file an amended return.
In explanation , just put "Employer corrected my W-2".
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