Submitted my release paper a week before Xmas. With 7 days revocation, I believe the Dec 2020 payroll has passed.
Interestingly, I received the payment today. So is the payout consider as 2020 or 2021?
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@6nhu, So if you don't have anything related to post you just start a completely different topic and post a dreamed up piece of fiction? OK, I'll try that next time. Sounds like fun.
On another path - I sued chevron for age discrimination. We reached a settlement agreement on October 29, 2020. The money was sent to my attorney and I received the check on Friday, January 8, 2021.
The check will be 2021 income. Remember that the company holds your signed release form for 7 days and then processes it. so probably you will receive on Jan 22.
I sent mine in last week and I am expecting to receive mine on jan 22, 2021 via direct deposit.
You didn't get severance in 2016, popcorn, on account of you were fired. And they don't mail checks.
Critical note - if you have relocated from Texas, DO NOT update your address in the Benefits system. Just let the USPS forward your mail for now. If you have updated your address in the system, Chevron WILL withhold state tax. You will have to wait until you file your 2021 state return to reclaim it (at least in the states that do not tax severance for work done outside the state).
Back in 2016, my severance was paid by check and mailed to me as ordinary First Class Mail. The Chevron HR Service Center had explained to me ahead of it being mailed, that once the last official payroll payment is made, they delete all your personal banking information, therefore, no more direct deposits. Since I sent in my waiver papers as late as possible, by then, my personal banking information had been deleted by the payroll department. That’s why the severance was paid by check and mailed.
That’s correct @1mhu. The second half of December is paid in January, so it falls into the new tax year. Naysayers, go check your previous years records.
I signed mine on Jan 1st, I should get it on 20th, My BTC account as quadrupled since June, so I'm not really concerned, I won't be selling any bitcoin until it hits 100'000
I signed December 26 because I was trying to make absolutely sure I got it in the 2021 calendar year. I thought it would come on the 7th, but I didn’t get it....🥲,
Oh well, I guess I can wait until the 22nd.
I signed Dec 27th and did not get mine today. A couple of my con workers signed right away and got theirs today. Didn’t want to sign until after the 22nd pay period. I was too freaked out to risk getting it in 2020.
I am the OP, received mine yesterday via direct deposit.
2021 payment treated as 2021 income by IRS.
Yeah, I signed my paperwork the day after Christmas with the thought I would be getting it today. (The next pay period). But nothing in my bank account today.
For those who got it, did they fedex you a physical check or just deposit it into your bank account?
Haven’t gotten mine yet either.
Well, no direct deposit, I sent that in November. Hoping for the check in the mail any day now.
All the IRS cares about is when you received it. If you received it in 2021 then it is 2021 income.
Keep in mind that for IRS purposes it is not income until you receive it. So those still employed who receive their Jan paycheck reflecting work in Dec will record that income as 2021.
I got mine today after signing the paperwork Dec 16 or so.
Should not be hard to decide: what’s the date on the check?
I got mine today.
I’ve always received payroll on the 6th but didn’t today. Wondering if that means they messed things up. Anyone else get or not get it today?
I believe 2021. I'm waiting for mine to hit .