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I signed a 5-year contract with my work. I was taxed on all income. I completed 1 year of the contract, but now I am leaving. Can I get those taxes back if its paid back?
The contract was to help pay for school over the course of 2.5 years. I was taxed each semester over that time.
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posted
September 17, 2023
6:01 AM
last updated
September 17, 2023
6:01 AM
4 Replies
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I signed a 5-year contract with my work. I was taxed on all income. I completed 1 year of the contract, but now I am leaving. Can I get those taxes back if its paid back?
For the rules on this, see Repayments on page 37 of this IRS Publication:
2022 Publication 525 (irs.gov)
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
September 17, 2023
8:40 AM
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I signed a 5-year contract with my work. I was taxed on all income. I completed 1 year of the contract, but now I am leaving. Can I get those taxes back if its paid back?
@joshcall13gm-gma so let me understand..
your employer paid for your education (and of course you had to pay tax on that income)
Now, since you are leaving before the contract was satisfied, you are being required by your employer to return the educational moneys they gave you. So since your income is being reversed, you are asking how to get the income tax you paid on that income back from the IRS, right?
September 17, 2023
8:40 AM
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I signed a 5-year contract with my work. I was taxed on all income. I completed 1 year of the contract, but now I am leaving. Can I get those taxes back if its paid back?
Thank you
September 17, 2023
9:23 AM
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I signed a 5-year contract with my work. I was taxed on all income. I completed 1 year of the contract, but now I am leaving. Can I get those taxes back if its paid back?
Yes, that is all accurate.
September 17, 2023
9:24 AM
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