Have a Tax Question? Ask a Tax Expert
Hello and thank you for using Just Answer,Your income is taxable in the year you receive it have have access to the amount. You would not be allowed to include the payment unless you received the payment. Unfortunately, if you wanted to pay taxes before your receipt of the bonus, you would not be allowed.
Its not an enormous amount of money but I would have to pay taxes on the $60k when I get it? Makes the retention bonus seem fairly small.. :(
I understand but until you are paid the amount it is not included in your income.
Ok.. Makes sense.. Thank you so much!!