I got a $200 signup bonus, but $48 was withheld for federal taxes. Customer service says I must have clicked a box on the W-9 form that caused this, but I’m sure I didn’t. Maybe it was prefilled, and I missed it.
Is there any way to fix this and get the withheld amount back before tax season, or do I just have to wait until I file my taxes?
It’s still considered income, so you’d have to pay taxes on it anyway.
Jordan said:
It’s still considered income, so you’d have to pay taxes on it anyway.
Not in my case. My income is low enough that I’m not required to file taxes, so this shouldn’t be taxed at all.
@Micah
Check the terms and conditions for the bonus. It usually says they report it as taxable income.
If your income is below the filing threshold, they’ll still report it, but you can file a return to get the money back.
@Micah
Alright, good luck with that!
If you indicated on the W-9 that you’re subject to withholding or didn’t complete the form in time, you can’t do much about it now. However, you’ll get a 1099 for this next year, and you can claim the withheld amount when you file taxes.
You’ll need to file a tax return in 2025 to get the money back.
Is it really worth spending a lot of time trying to fix this now?