Significant tax implications receiving severance this late in the year. Is ther any way to negotiate a January 1 payment?
7 replies (most recent on top)
Severance? Hahahahahahahahahaha!!!
You are right if they agree. When I was let go, the contract was 46 weeks of pay every 2 weeks. And they did honor the contract - including the benefits coverage.
Also, since I was in sixties, got the complete 401k match for the previous year.
If they can put it in the contract, you are lucky and avoided a huge tax bill.
This is why I was glad to be let go at the beginning of the year. The later in the year you get let go, the worse off you’ll be at tax time.
@by
LOL. Just like stalled and stopped 401K matches, vacation non pay and Comp time elimination. BNY ‘uses’ contracts, its employment policy and employment laws all the time. You are incredibly d-umb to think otherwise. By all means, leave money lingering after you are gone and see what happens…
@b7
Yes I would. That's a d-mb statement on your part. It's basically a contract.
You would seriously allow BNY to hold your money into next year and then some?
You need your head examined.
I doubt it. But doesn’t hurt to ask. But when I was laid off it was supplemental pay (got paid every two weeks just like work with benefits). It’ll be cut off once you find job (have to inform the HR)
I wish I had severance as an option