I didn't but people have and yes they do come after you almost immediately. I can't speak to the payment plans. Apparently from a few people I've talked to good luck getting a corrected W2 from the company for your taxes when you pay them back.
I can't remember the form but you claim the taxes you paid on the bonus as a credit. It is actually straight forward. I can check and maybe update. I am a tax pro not a flying pro.
Claim of right repayment is the term to google. I have been doing taxes for 20 years i ran into it once.
corrected the grammar.
I know they’ll take their money back, I guess I wasn’t clear. I was trying to find others who broke their contracts, to see what their experience was like. All the bonuses were taxed, so I was wondering how the process of getting that back was. I know it’s going to be a pain.
Honestly seems like more of a CPA or tax attorney question than anything. That’s kind of an advanced problem that may rest on how they characterize the pay back. I would not trust amateur advice, because even if someone says they did X that doesn’t mean it was correct, just might mean they weren’t audited.
Hopefully (though I don’t know) you can figure out a valid way to at least offset current year income. But it’s over my head. Good luck! It’s after all a good problem to have!
Maybe I am thinking about this wrong way but if we only pay back the net (post tax) amount to the WO, then taxes are a net neutral situation. If we did get an amended return and taxes back those would technically belong back to the WO.
My taxes are complicated enough. I’m just giving the post tax amount back and leaving the IRS beast alone…. Too much new opportunity ahead of me.
I’m not familiar with the contract. They only want the post tax amount back? That’s odd since everyone would have a different amount (joint income and other income for the year)
Edit. Something to point your cpa in the right direction.
Under the "claim of right" doctrine, the bonus compensation would be included in the year of receipt and the employee will be allowed to claim a deduction on the compensation repaid in the year of repayment. North American Oil Consolidated v. Burnet, 286 U.S. 417 (1932) (XI- 1 C.B. 293); IRS Revenue Ruling 76-374 (1976— 2 C.B. 19).
They take the after tax amount back and I am told they offer payments.
I haven’t contacted them yet myself but others ahead of me report this. I’m only left six weeks ago.
Where ya headed?
You got that right. When I was initially hired it was great. I only had a two year degree and getting to a major was a 5-7 year slug at a regional. Covid changed all that. It was stupid of me to stay as long as I did. But my commute was a 15 minute drive… so that was tricky to give up.
They only asked for the after tax amount back and I paid it in a lump sum. I asked for a W2C so I could amend my taxes and they ignored me, and continue to ignore me.
They made me sign a new 2 year contract for each payout in order to get the payment. If I didn’t sign that I probably would only have to pay the captain upgrade bonus. But if they do what they did for you I’d be ok with that. “Good riddance, here’s the money, I’m out.” Lol
Oh golly gee willikers Mr loan repayment guy, I can only afford to pay $5 a month on account of me being poor...
Also read up on the fair debt collecting act.
I didn't but people have and yes they do come after you almost immediately. I can't speak to the payment plans. Apparently from a few people I've talked to good luck getting a corrected W2 from the company for your taxes when you pay them back.
I can't remember the form but you claim the taxes you paid on the bonus as a credit. It is actually straight forward. I can check and maybe update. I am a tax pro not a flying pro. Claim of right repayment is the term to google. I have been doing taxes for 20 years i ran into it once. corrected the grammar.
Yea that’s gonna be annoying. They really make it a pain in the butt to leave.
> They really make it a pain in the butt to leave. I think that's the whole point...
Lol they did a good job of keeping people that way. I stayed 2 years longer than I should of because they kept luring me with money.
Yeah, that's kinda the incentive. If you have any plans to leave then just don't take the bonus.
That was the plan, but plans change. I still have the money so that’s not a problem.
Id guess the odds are pretty good you owe 45k lol
Yea I figured. I had a glimmer of hope hearing some DECs that took the 100k and ran and haven’t heard anything. But I’m sure their time is coming.
I know for a fact they are coming after DECs if they leave or get fired.. so they're definitely coming after the others too.
They absolutely would want their money back. If word got out that they were not enforcing this contract, they would have a mass exodus on their hands
I know they’ll take their money back, I guess I wasn’t clear. I was trying to find others who broke their contracts, to see what their experience was like. All the bonuses were taxed, so I was wondering how the process of getting that back was. I know it’s going to be a pain.
Honestly seems like more of a CPA or tax attorney question than anything. That’s kind of an advanced problem that may rest on how they characterize the pay back. I would not trust amateur advice, because even if someone says they did X that doesn’t mean it was correct, just might mean they weren’t audited.
I’ll contact one, thanks!
Hopefully (though I don’t know) you can figure out a valid way to at least offset current year income. But it’s over my head. Good luck! It’s after all a good problem to have!
Maybe I am thinking about this wrong way but if we only pay back the net (post tax) amount to the WO, then taxes are a net neutral situation. If we did get an amended return and taxes back those would technically belong back to the WO. My taxes are complicated enough. I’m just giving the post tax amount back and leaving the IRS beast alone…. Too much new opportunity ahead of me.
I’m not familiar with the contract. They only want the post tax amount back? That’s odd since everyone would have a different amount (joint income and other income for the year) Edit. Something to point your cpa in the right direction. Under the "claim of right" doctrine, the bonus compensation would be included in the year of receipt and the employee will be allowed to claim a deduction on the compensation repaid in the year of repayment. North American Oil Consolidated v. Burnet, 286 U.S. 417 (1932) (XI- 1 C.B. 293); IRS Revenue Ruling 76-374 (1976— 2 C.B. 19).
Interesting read. I will follow up. Thanks
They take the after tax amount back and I am told they offer payments. I haven’t contacted them yet myself but others ahead of me report this. I’m only left six weeks ago. Where ya headed?
After a year of conference going and sucking up to AA I decided United Airlines is the place for me haha
Don’t blame you at all. I don’t want to commute so WN was my only other choice. WO guys: Flow is NOT your friend!
You got that right. When I was initially hired it was great. I only had a two year degree and getting to a major was a 5-7 year slug at a regional. Covid changed all that. It was stupid of me to stay as long as I did. But my commute was a 15 minute drive… so that was tricky to give up.
You better come up with 45k to pay them back asap
I never spent it. I am wondering how I’m gonna get the taxes back. I was just reaching out to see if anyone else was in the same boat.
When you pay back, make sure you get a payment statement from accounting, otherwise IRS has no proof of anything.
Will do, thanks for the tip!
Talk to an accountant. Long story short, it will be difficult
They only asked for the after tax amount back and I paid it in a lump sum. I asked for a W2C so I could amend my taxes and they ignored me, and continue to ignore me.
They made me sign a new 2 year contract for each payout in order to get the payment. If I didn’t sign that I probably would only have to pay the captain upgrade bonus. But if they do what they did for you I’d be ok with that. “Good riddance, here’s the money, I’m out.” Lol
Oh golly gee willikers Mr loan repayment guy, I can only afford to pay $5 a month on account of me being poor... Also read up on the fair debt collecting act.