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» From: Winston-Salem, NC Dear TaxMama, I am starting with a company in May 2002 and they sent me a bonus of $13,000 this past June. Of course, when it arrived, it was $7,650 because of taxes. My dad says that I should be able to get most of that back because I have not earned any other money this year. Could you please explain to me how I go about getting that money back? Thanks for your help! Marie Dear Marie, Congratulations on your new career. Looks like you cut a good deal, with a sign-on bonus. You may be able to get some of that money back when you file your tax return next year. Naturally, it will all depend on how much more money you earn this year. Also, if you are a dependent on Dad's tax return for 2001, you will lose some deductions on your own return. (He's in a higher tax bracket - and is probably footing most of your bill right now, so be kind.) So, if I were you, I'd try to file my tax returns in January and get that refund back as soon as possible. Best wishes Eva Rosenberg Your TaxMama  |
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