Hello,
I took a job that essentially paid a early "transition loan" instead of sign-on bonus. They gave approximately 60% of the loan as a check and held 40% in anticipation of tax (my contract stipulates the loan will be repaid from a "sign on bonus" as taxable income on the first date of employment, which is later this year). Do I report that as income for this last year's taxes or for this upcoming year when the sign-on bonus is actually paid? Any help would be much appreciated!
I took a job that essentially paid a early "transition loan" instead of sign-on bonus. They gave approximately 60% of the loan as a check and held 40% in anticipation of tax (my contract stipulates the loan will be repaid from a "sign on bonus" as taxable income on the first date of employment, which is later this year). Do I report that as income for this last year's taxes or for this upcoming year when the sign-on bonus is actually paid? Any help would be much appreciated!
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