2024 TaxFeb 12, 2023
NewSavdhaan
Tax return on penalty paid to company
So my previous company deducted $5k as part of some agreement when I left. I want to know is it something adjusted in W2 by the company or do I need to do something more to let irs know about the payment so that I can get that tax amount back? Tc - obviously peanut that’s why asking for tax return
Stripe BdWv03 Feb 12, 2023
It should be in your W2
New
Savdhaan OP Feb 12, 2023Does it reflect in separate section in w2 or does it get adjusted in total amount?
Yahoo zrrU12 Feb 12, 2023
Compare your final 2022 paystub with your W-2 and see if it matches or if it’s off by 5k
Usually if it's the same year you got it, it gets adjusted for in the w2. Later years, you need to get a letter from them and submit that with your return. At least, that's what I had to do for an Amazon relocation repayment.