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#1
03-09-2006, 01:41 AM
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 Re: Is this income, or a loan? Dan Bock wrote: - quote - > Last fall I received $1000 from a company where I will begin
I agree with Mark - it sounds like a signing bonus and> working in 2006. In order to receive this payment, I signed > an agreement saying I will repay this amount if I do not > show up to work and work for at least one year. For tax > purposes, is this income in 2005, or a non-taxable loan that > will become income in 2006 or 2007, assuming I meet the > terms of the agreement? Some more info: > 1. Nothing was withheld from the check, and I received no > 1099 or W-2. > 2. The company in question is a big accounting firm; they > are not unsophisticated when it comes to taxes (there is no > chance, for example, that they were supposed to send a 1099 > but didn't know about it, or didn't get around to it). > Is this income, or a loan? If it's income, why didn't they > send a 1099? > (Thanks for reading - I posted last week, but I don't think > I made my question clear then) should have been treated as wages. However, since the payer is an accounting firm, why don't you ask them how to treat it? Katie in San Diego << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-08-2006, 02:25 AM
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| Re: Is this income, or a loan? "Dan Bock" <danbock[at]gmail.com> wrote: - quote - > Last fall I received $1000 from a company where I will begin
It sounds like a signing bonus. In that case, it's neither> working in 2006. In order to receive this payment, I signed > an agreement saying I will repay this amount if I do not > show up to work and work for at least one year. For tax > purposes, is this income in 2005, or a non-taxable loan that > will become income in 2006 or 2007, assuming I meet the > terms of the agreement? Some more info: > 1. Nothing was withheld from the check, and I received no > 1099 or W-2. > 2. The company in question is a big accounting firm; they > are not unsophisticated when it comes to taxes (there is no > chance, for example, that they were supposed to send a 1099 > but didn't know about it, or didn't get around to it). > Is this income, or a loan? If it's income, why didn't they > send a 1099? > (Thanks for reading - I posted last week, but I don't think > I made my question clear then) 1099 income nor a loan, it's wages and you should have received a W-2. This is without regard for the fact that you have not begun working there yet. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-23-2006, 11:19 PM
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| Is this income, or a loan? Last fall I received $1000 from a company where I will begin working in 2006. In order to receive this payment, I signed an agreement saying I will repay this amount if I do not show up to work and work for at least one year. For tax purposes, is this income in 2005, or a non-taxable loan that will become income in 2006 or 2007, assuming I meet the terms of the agreement? Some more info: 1. Nothing was withheld from the check, and I received no 1099 or W-2. 2. The company in question is a big accounting firm; they are not unsophisticated when it comes to taxes (there is no chance, for example, that they were supposed to send a 1099 but didn't know about it, or didn't get around to it). Is this income, or a loan? If it's income, why didn't they send a 1099? (Thanks for reading - I posted last week, but I don't think I made my question clear then) << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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| income, loan |
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