Relocation bonus for internship?
Read my offer letter and it said I'm eligible for a relocation bonus. However, I wont be relocating for the internship. Do I still get the money or will I have to return it to them?
you get it. it's a signing bonus.
You get it even if you live exactly where you'll live during the summer. Pocket the money (NYC, taxed at 40%), put a smile on your face, and go about your life.
SA relocation bonus - when? (Originally Posted: 05/23/2011)
When are we given the relocation bonus ($2k this year)? I need it to pay for housing since NYU housing asks us to pay by the first Friday after we move in, and I'm broke.
At my BB, we receive the $2k in our first paycheck.
Oh shit, that's probably not until the third week or so...
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...
WTF? Most people get it back when they file taxes, right? Wow, such bs.
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.
Relocation Bonus SA (Originally Posted: 03/18/2009)
I realize this topic has been beaten to death, but I just need some quick clarification. Is the 2k relocation bonus for BB just tacked on to the first paycheck in its entirety or do you need to show proof that you are actually going to spend that much? Also, is this 2k taxed, and if so can the rent that I pay be deducted?
If you know the exact answer to these questions, feel free to PM me so that this question doesn't clutter the active posts.
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.
Relocation bonus for SA (Originally Posted: 03/04/2009)
Hello! Anyone know when relocation bonuses for SA's are typically paid out? I wonder just because it would certainly help to get the bonus before starting (and actually be able to use it to relocate). Too shy to ask my recruiter. Let's presume this is with UBS/CS/DB.
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
Sounds like it varies by firm, but it definitely says "paid minus applicable taxes" on mine. Given the rest of my comp though (oh, and you know, having a job), I'm not going to cry over taxes on a stipend.
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.
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
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