tejohn02
Level 1
02-01-2023
10:24 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client received 20,000 sign on bonus in 2021. In 2022, left company and had to pay back 14, 575. Can that be taken as a deduction on 2022 tax return?
Labels
rbynaker
Level 13
02-01-2023
10:39 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Take a look at Pub 525 page 37 (2022) under Repayments:
https://www.irs.gov/pub/irs-pdf/p525.pdf
There are some nuances to it.