Apple
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Post by Apple on Jan 8, 2015 21:58:25 GMT -5
I was injured in March of this year. My claim was reopened in December, but, because it had been > 45 days, I have to take LWOP for any doctor visits, and then request reimbursement from the Department of Labor/Worker's Comp.
So, my W2 is short a handful of hours, and therefore, some pay. I am not sure when I will get the reimbursement. However, would that money go as being earned in 2014, or 2015? Is it easier to just do the taxes at the end of the month and then send in a correction if I get reimbursed later than that, or to just wait to see if they fix the W2 when I get the reimbursement? I've done a correction before, many years ago, and it wasn't that bad, but don't need to get myself flagged for any kind of audit either.
However, if the reimbursement is considered 2015 earnings, it wouldn't matter.
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Value Buy
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Joined: Dec 20, 2010 17:57:07 GMT -5
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Post by Value Buy on Jan 9, 2015 14:59:28 GMT -5
The payment date will be this year, not last year, so, tax will be payable in 2016 on 2015 earnings.
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Apple
Junior Associate
Always travel with a sense of humor
Joined: Dec 17, 2010 15:51:04 GMT -5
Posts: 9,938
Mini-Profile Name Color: dc0e29
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Post by Apple on Jan 9, 2015 16:39:55 GMT -5
The payment date will be this year, not last year, so, tax will be payable in 2016 on 2015 earnings. Awesome, thank you. I can get started on my taxes next weekend then (Not that I'm excited to do them, I just want to get them over with).
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
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Post by mwcpa on Jan 11, 2015 13:11:02 GMT -5
Most individuals report their income on a cash basis.... moneys received in 2015 are generally reported in 2015, even if it was owed to you (or service was provided) in 2014.
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