Arrived today! so far so good
Next envelope I'm waiting for is 2020 W2, hopefully the severance pay out is not included.
Then the ESIP and Pension after that
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No, better rollover your ESIP now so you can react to the events coming this year.
Just rolled over my ESIP and Fidelity took a ridiculous 21 days to send the proceeds. It seems Fidelity is stuck in the 80's with snail mail and paper checks.
Leave the ESIP alone
I am glad they withhold more than is needed because I'm getting an extra 90-100k 1099 from another income source in 2021 so I need more held back from severance to pay the taxes
Cautiously optimistic that we “the rejects” will receive a 2020 bonus. What are the chances it’s at least descent?
Folks, it’s very easy. If you received your severance check in the mail recently, just take a look at the date of the check. If you see a date in 2021, the severance will NOT appear in your 2020 Form W2. That amount will appear on your W2 for 2021. And you bet the federal withholding tax will be high. IRS mandates all severance, bonus, lottery winnings, etc, get a minimum of 25% w/h rate. Uncle Sam will get to hold that money interest free for a year.
So if it arrived on Jan 7th, it will be for 2020?
Got mine today, except it wasn’t deposited into my account (even though I provided them with the info)
It came as a physical check, through regular mail.
They taxed the he!! Outta it though. Oh well. I guess Joe wants his share.
If yours arrived Jan 22, 2021, it won’t be on your 2020 W2.
Mine arrived today also and I learned that the severance will be included in the 2020 W2 tax year. I guess that's the breaks. Nothing anyone can do about it.