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I have a physician client who received a sign on bonus in 2019 of $56000 that was reported on a W2. He received a better offer from another physician's group and never joined this group. They had him pay back $58000 with his personal check in March, 2020. I am not sure that I can deduct this. The group will not reissue the W2 showing no income. Any suggestions.
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He'll pay the tax on the 2019 return. That gives you time to research "claim of right" for the 2020 return.
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Remember the good ol' days when the forum software would tell you that someone else was replying at the same time? What a fantastic upgrade this was!
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Thanks everyone. I see how to do it now. It will have to wait until 2020 since that is when it was repaid.
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@rbynaker wrote:Remember the good ol' days when the forum software would tell you that someone else was replying at the same time? What a fantastic upgrade this was!
Maybe that's still available if we're willing to sign our lives away. 😀
Still an AllStar
