Question

I got a $5000 bonus that was taxed at that time for the 20% or whatever rate it is for bonuses. I don't understand why I'm not getting a portion of that money back now.

Forum|Forum|4 years ago
March 13, 2022
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TurboTax Deluxe Online

It depends. Usually the withholding tax rate used by companies is 22%. The withholding requirement of 22% is not the same as your taxable income. All of your income is added together to determine your tax rate (capital gains aside with their special rules). The amount withheld is already listed in your box 4, if a w2. If 22% was withheld and your bracket is higher, you will owe taxes. See How Bonuses Are Taxed - TurboTax Tax Tips & Videos by the employer for withholding, which is not the same as the IRS.