You'll need to sign in or create an account to connect with an expert.
If taxes were withheld from the bonus then you'd report the "Gross" bonus, not the "Net." The "Gross" will be taxed, you'll get the credit for the taxes withheld, and if the tax more or less equals the withholding you shouldn't see a dramatic change in your refund or your tax liability, though it's just luck to have these things work out perfectly.
Tom Young
If taxes were withheld from the bonus then you'd report the "Gross" bonus, not the "Net." The "Gross" will be taxed, you'll get the credit for the taxes withheld, and if the tax more or less equals the withholding you shouldn't see a dramatic change in your refund or your tax liability, though it's just luck to have these things work out perfectly.
Tom Young
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
basketball1981
Level 1
ZWu1
Level 1
rolomo
New Member
thegoodreturn
Returning Member
juham2013
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.