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Any tax pros here?

Discussion in 'Off topic' started by NYCFC_Dan, Nov 4, 2018.

  1. NYCFC_Dan

    NYCFC_Dan Senior Member Staff Member Seasoned Supporter

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    Have a question that I haven’t been able to find an answer for.
     
  2. 413Blue

    413Blue Active Member Seasoned Supporter

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    Ask and you may receive.
     
  3. NYCFC_Dan

    NYCFC_Dan Senior Member Staff Member Seasoned Supporter

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    Received a moving bonus in 2017 which was taxed (at 33%). I’m repaying it this year. Do I get any kind of a break for this? The employer is making me repay the entire amount, which I’m fine with repaying it because I wanted to break the contract and move back home.
    How do i go about this in regard to my 2018 taxes?
    I usually do my own taxes. Should I consult a tax pro?
     
  4. 413Blue

    413Blue Active Member Seasoned Supporter

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    I'll ask around my office of accountants tomorrow, they can answer anything.
    I had the same scenario once. You will get it back and your employer should give you the forms to make it easier. You will lose the SS and Medicare portions of it though, but any state and federal taxes are recoverable in some form.
    Whether the repayment brings down this years income or you amend you 17 taxes, I dont know.
     
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  5. NYCFC_Dan

    NYCFC_Dan Senior Member Staff Member Seasoned Supporter

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    Thanks, I appreciate it.
     
  6. 413Blue

    413Blue Active Member Seasoned Supporter

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  7. LeeNYCFC

    LeeNYCFC Regular Member Elite Donor Seasoned Supporter

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    Yes, you can claim it as a deduction for 18 don't need to amend 17
    You do a comparison with the prior year gross excluding that income versus using it as a deduction for 2018 and see how the tax shakes out comparatively, described in the code below:

    https://www.law.cornell.edu/uscode/text/26/1341

    I'd guess it's something tax software can handle but obviously seek advice based on what you find and what makes you comfortable
     

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