Apologies if this is a dumb question, but I'm not very familiar with taxes/accounting.
I am an analyst at a BB. Started in July 2019 and will likely receive my stub bonus middle/end of February. I know that a large portion will be withheld, but when do I get my tax return that would give some of it back? I.e. can I wait to file my taxes this year until after I receive it and be able to claim the return this year (file in March/April), or do I have to wait until next year - 2021 - to see any of it come back?
Thanks.
If what I am understanding is correct, you are saying that you receive your bonus next month? You only claim income in the year you received it so you will the get it back next year assuming your withholding is correct on your regular wages.
Most payroll processors over-withhold taxes on bonuses because it can affect your income bracket.
the first date you can file taxes is Jan1 (and usually not even, because you need your year-end tax form from your employer..which usually comes sometime in mid Jan).
However, you can usually make an educated guess from your last paycheck, which usually has all the info you need
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