yogapantsonly t1_jaejdsc wrote on February 28, 2023 at 9:29 PM

You got a 20k retention bonus. Your employer sent 7k of that to the IRS and you claimed it on your tax return.

Now you pay back your employer 20k and then you get the 7k back from the IRS when you file next years taxes. You might be able to amend your taxes to get this earlier. This is a relatively simple situation, but go to a tax preparer.

Like others are saying, you can also ghost your employer or try and negotiate down the payback.

Diligent-Amphibian28 t1_jaen6lr wrote on February 28, 2023 at 9:54 PM

Where does he get the extra 7k TODAY to pay back his employer before he can reclaim it via tax time next year?

yogapantsonly t1_jaeo2p6 wrote on February 28, 2023 at 10:00 PM

That’s the shit part of retention bonuses.

You either have to quit in the same year you get it so the employer can get the 7k back from the irs and you just pay back the 13k or you have to stay until it expires.

If you don’t like a job, the best thing to do is take the retention bonus and put it in a high yield savings account until the contract expires.