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Sked J Accounting for Bonuses

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  • Sked J Accounting for Bonuses

    I'm on a long term leave of absence, yet my employer keeps sending me money considered as wages. There's been a tax reduction bonus, free airline tickets, and now, an unexpected profit-sharing. These are all one-time events, not expected to recurr, and while greatly appreciated, how do I account for these on my schedule J?

    I'm not current "employed" as I am out on disability. Today's surgery sucked up every cent of my FSA and these bonuses, except for the non-transferable non-cash-value airline tickets, which I couldn't give to the doctor (or a trustee). Do I list my employer with zero wages, or the bonus amounts divided by 12 for monthly wages? Do I list it as other income?

    How do I list the airline tickets? They have zero value until I'm back to work, if I can get back, then get unpaid time off to use them.

    Thanks much for all the assistance so far. It's really helped me keep this in perspective.

  • #2
    You'll likely need an attorney to tell you exactly how to account for this sort of income. It is income, but for the purposes of Schedule I (Schedule J is for expenses), this is irregular income. Schedule I, since the Lannon decision, should be forward looking. Even if these are irregular but expected from time to time, some attorneys may take the average (over two or more years) and factor them into the monthly income (total / 12).

    I can't tell you how to deal with this on Schedule I. Profit sharing is expected but not normal (unexpected would be that you're never entitled to profit sharing and then they dumped money on you). Free airline tickets, if you work for an airline, are fringe benefits and usually taxable (not that tax status matters for purpose of income calculations). I don't know how to tell you to quantify those, but they may need to be disclosed. If you're so far below the median income and it's not affecting your Means Test, the decision may be easier.

    Maybe someone else has an idea but you may need to consult with a few attorneys, free consultation (!), and ask this question.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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