What is the name of your state (only U.S. law)? Alabama.
Last year (2007), I took a job in Arizona and was given a $2500 sign on bonus, and $5000 for moving expenses. If I left the job prior to 18 months of employment, then I had to pay most of it back. I did leave the job early, and moved to Alabama. I started repayment last Feb, and stopped payments in July. I payed back a total of $5500. Can that money be deducted from my yearly income for 2008, for the purpose of lowering my Modified Adjusted Gross Income?
The details of the money is a bit confusing. I was allowed $5000 for moving expenses, and anything that I didn't use was then added to my signing bonus. I can't recall the exact figures, but I do have it written down someplace if that is important. I paid income tax on that money last year (2007).
My confusion comes from the fact that the initial signing bonus was income for 2007, but my repayment was in 2008. Suggestions?
Thanks.What is the name of your state (only U.S. law)?
Last year (2007), I took a job in Arizona and was given a $2500 sign on bonus, and $5000 for moving expenses. If I left the job prior to 18 months of employment, then I had to pay most of it back. I did leave the job early, and moved to Alabama. I started repayment last Feb, and stopped payments in July. I payed back a total of $5500. Can that money be deducted from my yearly income for 2008, for the purpose of lowering my Modified Adjusted Gross Income?
The details of the money is a bit confusing. I was allowed $5000 for moving expenses, and anything that I didn't use was then added to my signing bonus. I can't recall the exact figures, but I do have it written down someplace if that is important. I paid income tax on that money last year (2007).
My confusion comes from the fact that the initial signing bonus was income for 2007, but my repayment was in 2008. Suggestions?
Thanks.What is the name of your state (only U.S. law)?