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Got signing bonus in 2011 but had to repay it in 2012. I would

Customer Question
like to file an amended...
Got signing bonus in 2011 but had to repay it in 2012. I would like to file an amended return for 2012. I've read online that I should
1. recompute my 2011 taxes assuming I never received the amount of the signing bonus I repaid
2. Take the difference between the recomputed 2011 taxes and what I actual paid in 2011 and apply that as a credit to my 2012 taxes.
My Questions:
a. Where would that amount go on the 1040x form to amend a previous year?
Would it go on line 7 (Credits)? Would it go on line 15 (Refundable credits from)?
b. For line 18, I should just put the refund amount I got from the IRS for 2012?
c. When I send the amended return in, do I need to send in a transcript of my 2011 taxes or would the 1040x forms, signing bonus repayment sheet, and a transcript of my 2012 taxes be enough?
Submitted: 1 year ago.Category: Tax
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Answered in 9 minutes by:
4/8/2016
Tax Professional: Tyrone J. Taylor, Enrolled Agent replied 1 year ago
Tyrone J. Taylor
Tyrone J. Taylor, Enrolled Agent
Category: Tax
Satisfied Customers: 52
Experience: Owner at Taylor Tax and Financial Consulting
Verified
Good afternoon Matthew, I am an Enrolled Agent with 9 years of professional tax experience. The answers to your questions:a. Not quite sure what you are asking. But if you mean where would the new Adjusted Gross Income, or AGI would be placed on the from, it goes on Line 1 under C. Correct amount.Line 7 (A) would reflect any tax credits you received in 2012, and if they needed to be adjusted, would be Line 7 (C). b. Line 18 represents the refund you received in 2012 originally. c. You do not need to send in a transcript of your 2011 tax return. You only need to send in a copy of your 2012 tax returns with the changes, and a copy of the 1040X. Just to clarify - you are saying that the original 2012 tax return did not reflect the 2011 bonus that you had to pay back? They did not take it out of your paycheck in 2012?
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Customer reply replied 1 year ago
No, I had to pay it back separately and they made me pay back the full pre-tax amount. In this case, it would be a tax credit right?When you say I would need to send in a copy of my 2012 tax return with the changes, I don't have that tax return anymore but simply a transcript I got from the IRS. How would I make the changes on the transcript?
Tax Professional: Tyrone J. Taylor, Enrolled Agent replied 1 year ago
Yes, if the amount is greater than $3,000 then it would be a tax credit. And you need to send in a copy of the 2012 after you have made the changes to show a change income caused by you having to payback a bonus. You do not have to send in a copy of the original transcript since they already have that tax return. You may also have to ask for repayment of any payroll taxes that were deducted by filing an 8863.Page 34 of IRS Pub 525 describes in detail some of the steps to take. https://www.irs.gov/pub/irs-pdf/p525.pdf I hope this answers your questions. If you have any further questions, please let me know. If not, please go ahead and rate my answer. Thank you, ***** ***** a good evening.
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Tax Professional: Tyrone J. Taylor, Enrolled Agent replied 1 year ago
Good afternoon, This is a follow-up to your question. Did you have any other type of clarification needed? If not, please go ahead and rate the answer I have given, so your question can be closed out in my system. Thank you.
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Tyrone J. Taylor
Tyrone J. Taylor
Tyrone J. Taylor, Enrolled Agent
Category: Tax
Satisfied Customers: 52
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Experience: Owner at Taylor Tax and Financial Consulting

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