Re-enlistment bonus tax question - Financial Management

kitkat8376 · 12-27-2007, 01:00 PM

My husband re-enlisted and they took about 14k from his bonus, since he didn't re-enlist in Iraq. Will we get any of it back at tax time? He thinks we'll be getting MOST of it back but I don't want to get my hopes up!

Victoria · 12-27-2007, 01:02 PM

YES you will get back some!!! You should have a very nice return!

Jennifer · 12-27-2007, 01:03 PM

My dh got quite a bit back of his on taxes the next year.

~~Donna~~ · 12-27-2007, 01:26 PM

we got quite a bit back that first year from the first half of the payment.

Navgirl · 01-04-2008, 01:14 AM

When my dh got his $39k bonus and tax time came around we got over $7,000.00 back!!!

DakotaCowgirl · 01-04-2008, 07:35 AM

You'll get some back it depends on the tax bracket it puts you in.

gunsgirl · 01-04-2008, 06:15 PM

ditto-- there is one catch fall when recieving BONUSES-- they increase your gross income-

ours was just enough that it put us into the tax bracket where we lost earned income credit, child tax credit went for 1500 to 200, and we ended up only getting 2 grand back since we did not "pay enough" all yr.

since the gross amount is before taxes- if your BONUS was 30,000 dollars and your yearly gross was 25,000 you just got bumped to the 55,000 tax bracket.

ALSO it will affect any state or GOV benefits you get- including school lunches and financial aide that goes by previous yrs returns...

~~Bex~~ · 01-04-2008, 06:19 PM

Originally Posted by gunsgirl

ditto-- there is one catch fall when recieving BONUSES-- they increase your gross income-

ours was just enough that it put us into the tax bracket where we lost earned income credit, child tax credit went for 1500 to 200, and we ended up only getting 2 grand back since we did not "pay enough" all yr.

since the gross amount is before taxes- if your BONUS was 30,000 dollars and your yearly gross was 25,000 you just got bumped to the 55,000 tax bracket.

ALSO it will affect any state or GOV benefits you get- including school lunches and financial aide that goes by previous yrs returns...

yup!!

princessStephy · 01-05-2008, 06:48 AM

You girls just made my night. Dh reenlisted last year and although they took out a CRAZY amount and I was pretty down about it, I never thought about tax returns until now. Yayayay!

kitkat8376 · 01-05-2008, 05:49 PM

Well, we don't have any kids so I'm his only dependent. His bonus was 41500 but they took out 14000!! I'm just afraid they'll give us back like $2000 or something....total ripoff. I need a new bed!!!

12-27-2007, 01:00 PM	#1 (permalink)
kitkat8376 Member Join Date: Dec 2007 Location: Camp Lejeune/Camp Geiger, NC Posts: 63 Classifieds: (0) Activity: 0% Longevity: 32%	Re-enlistment bonus tax question My husband re-enlisted and they took about 14k from his bonus, since he didn't re-enlist in Iraq. Will we get any of it back at tax time? He thinks we'll be getting MOST of it back but I don't want to get my hopes up!

12-27-2007, 01:03 PM	#3 (permalink)
Jennifer digiscrappin fool Join Date: Dec 2006 Location: Naples, Italy(NATO) Posts: 23,398 Classifieds: (0) Activity: 3% Longevity: 50%	My dh got quite a bit back of his on taxes the next year. __________________ I live in my fairytale Please clickie my dragons!

01-04-2008, 07:35 AM	#6 (permalink)
DakotaCowgirl MilitarySOS Jewel Join Date: Feb 2007 Location: Here...going to Germany Posts: 7,733 Classifieds: (0) Activity: 58% Longevity: 47%	You'll get some back it depends on the tax bracket it puts you in. __________________ "It is endemic of the current culture that those with large stature are overlooked except by vultures. With no regard to the depth of their souls, the height of their passion, and the beauty of their moments." P.J. Pete http://www.thewomanhood.com/forum/register.php?referrerid=1498[/URL] MacGyver can make Chuck Norris out of duct tape and a spork.

01-04-2008, 06:15 PM	#7 (permalink)
gunsgirl I love cats Join Date: Jul 2007 Location: kingsland GA/ HITRON JAX Posts: 4,379 Classifieds: (3) Activity: 62% Longevity: 39%	ditto-- there is one catch fall when recieving BONUSES-- they increase your gross income- ours was just enough that it put us into the tax bracket where we lost earned income credit, child tax credit went for 1500 to 200, and we ended up only getting 2 grand back since we did not "pay enough" all yr. since the gross amount is before taxes- if your BONUS was 30,000 dollars and your yearly gross was 25,000 you just got bumped to the 55,000 tax bracket. ALSO it will affect any state or GOV benefits you get- including school lunches and financial aide that goes by previous yrs returns... __________________ GA licensed Realtor Dawn

01-05-2008, 06:48 AM	#9 (permalink)
princessStephy Junior Member Join Date: Jun 2006 Location: Honolulu Posts: 21 Classifieds: (0) Activity: 0% Longevity: 58%	You girls just made my night. Dh reenlisted last year and although they took out a CRAZY amount and I was pretty down about it, I never thought about tax returns until now. Yayayay! __________________

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12-27-2007, 01:02 PM	#2 (permalink)
Victoria Senior Member Join Date: Aug 2006 Posts: 34,217 Classifieds: (1) Activity: 98% Longevity: 55%	YES you will get back some!!! You should have a very nice return!

12-27-2007, 01:26 PM	#4 (permalink)
~~Donna~~ Banned Join Date: Jan 2004 Location: New Orleans Posts: 16,885 Blog Entries: 1 Classifieds: (0) Activity: 0% Longevity: 99%	we got quite a bit back that first year from the first half of the payment.

01-04-2008, 01:14 AM	#5 (permalink)
Navgirl Aviation Addict Join Date: Nov 2007 Location: Korea Posts: 6,209 Classifieds: (0) Activity: 60% Longevity: 33%	When my dh got his $39k bonus and tax time came around we got over $7,000.00 back!!!

01-05-2008, 05:49 PM	#10 (permalink)
kitkat8376 Member Join Date: Dec 2007 Location: Camp Lejeune/Camp Geiger, NC Posts: 63 Classifieds: (0) Activity: 0% Longevity: 32%	Well, we don't have any kids so I'm his only dependent. His bonus was 41500 but they took out 14000!! I'm just afraid they'll give us back like $2000 or something....total ripoff. I need a new bed!!!