Relocation bonus for internship?

At my BB, we receive the $2k in our first paycheck.

i was told within two weeks of starting. 2k as well here

Usually before start date in a separate check or with first paycheck (depending on the bank)

Last year it was paid at the end of the first week, and that was standard across most banks, IBD & S&T.

It's heavily taxed right?

Yes. Expect to get a little more than 50% of the check. I think around ~1100-1200...

Yes you do - it's withheld at a higher rate, but you get some of it back when you file for taxes, but it sucks having it tied up with the IRS...

Wait until your first bonus! It's like Christmas morning...if you woke up to find a car in the driveway, but then your dad keys it in front of you.

Different banks do different things, but my understanding from talking to people who interned last year is that the relocation bonus for SA's is tacked onto the first paycheck in its entirety, you do not need to show proof that you are actually spending that much on housing (it's really more or less a signing bonus and not a relocation bonus), and it is taxed heavily. Everything except the final point may vary by bank - the 2K is definitely taxed and no, the rent you pay cannot be deducted because rent is not a tax deduction.

rent cannot be duducted. If it could that would be awesome from a renters point of view.

I interned with JPM last summer, and the housing check and travel reimbursement were not taxed at all.

I'm getting transportation costs covered and a 2k stipend for a SA BB>

most likely first paycheck, which will be taxed to death

Although I believe in the new stimulus package is less witholding... so it will only be taxed to very very very near-death.

I was told 2nd week into the program you get your first paycheck plus a separate stipen

I was told 2nd week into the program you get your first paycheck plus a separate stipen... This is for a BB

it's not taxed to death. if you read carefully, the language says 2k after taxes. and you get it in your first paycheck

it must vary by firm, mine was definitely taxed at around 50%

My $2,000 stipend last year ended up being $1,120 after taxes. I received it in my first paycheck, not beforehand.

I got $1200 from 2k stipend.....but I think I'm getting some of it back in my tax return...

My offer letter just says that I get the 2k stipen, but not that it will be taxed. It says my salary of 1156, will be taxed hrmmmmm

wtf is 1156? you mean pay of 1250/week? 60 prorated at 48 weeks = 1250

that's what I was offered $1156 a week and 2k stipen... obv I may have been fucked over, but do I care??? nooooooooooo

P.S- This is for a BB. I received the offer in august, from early interviewing, and turned down an offer from Citi finance div.

wtf is 1156? you mean pay of 1250/week? 60 prorated at 48 weeks = 1250

There are 52 weeks in a year, so he's correct in that his weekly salary is ~$1154.

As to the original question: my relocation came in April, but some banks don't payout until the first paycheck. Ask your recruiter / HR rep, they won't be offended.

When I saw 1250, I was curious as to how they got that too.

60,000/x = 1250 x = 48

I know this for sure for Citi and Moelis