Return Signing bonus back?
I am a former Walmartlabs employee. I stayed at company less than a year and left. Do i need to pay back all the sign on bonus? @previous Walmart employees
Don’t proactively pay it back. But you may be asked to pay it back. Offer letter has details.
Can you send us your offer letter? We’ll find it out for you
Thanks Guys…offer letter got lost. Wanted to find a way to figure out.
They gave you a physical offer letter for you to lose it? Did you join in 1970?
1900
Keep in mind there can be negative tax consequences if you don't pay it back the same year you received it...
Like what? Would like to know for future reference
Keep in mind you paid income tax on that bonus when you got it. Getting that tax money back the next year when you repay your employer has some caveats. I forget all the specifics but you should research this subject... I don't think it is a refundable tax credit with no conditions, however... You could end up in the hole having paid back the income, but not received money back from the IRS.
Check your contract
Up to the company and offer letter terms. Most are prorated so if you stayed half a year you should only have to pay back half, but depends on terms. Company should determine how much you need to pay back adjusted for tax and then they would need to issue you a w2c. I think it’s a lot of work for the company and if it’s not a lot of money they may not care but who knows
It’s against the law they cannot legally ask for it back and legally get it
Yes, i wanted to ask the same thing, i left within a year of join and they never brought it up since i left.. it's been a month.. I feel like I should ask them about this.. and just wondering what are the causes if i don't.. whether they will sue me or something. Till now no links were received to ask me to pay them back, both signon and relocation
I returned the amount they asked. I think you are fine!
FWIW I left Capital One and mistakenly left before the year was up (I was one week short!). They sent two letters asking for the full amount returned and stated in the letter that the consequence of not returning the money was not being eligible to get rehired at Capital One in the future. Good enough trade-off for me. It's been over a year now.
Can’t you figure this out from your offer letter?