When I was in the military I recieved a substantial bonus. I was given the opportunity to end my military service under a Reduction in Force program the Air Force was doing called Force Shaping.
4 months after getting out, I was given a large bill to repay some of this bonus, namely the 2004 payments. Does this have an effect on my 2004 taxable income?
Furthermore, when I got out of the military I became a Gov't Contractor and also recieved a bonus. Since I was working overseas the company didn't, or wouldn't take out Federal Taxes. SinceI had no desire to continue being attacked and whatnot, I ended up getting coming back to the states, and hid yet again with another bonus payback. Yeah, I'd have saved all this money but I had medical bills and that to pay since everythign here is out of network.
Basically, does paying back any income to an employer lower your taxable income?
4 months after getting out, I was given a large bill to repay some of this bonus, namely the 2004 payments. Does this have an effect on my 2004 taxable income?
Furthermore, when I got out of the military I became a Gov't Contractor and also recieved a bonus. Since I was working overseas the company didn't, or wouldn't take out Federal Taxes. SinceI had no desire to continue being attacked and whatnot, I ended up getting coming back to the states, and hid yet again with another bonus payback. Yeah, I'd have saved all this money but I had medical bills and that to pay since everythign here is out of network.
Basically, does paying back any income to an employer lower your taxable income?
