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Paying back Commission to employer and Tax deductibility
[Question]
Paying back Commission to employer and Tax deductibility
What are the options available when someone earned commission during the 2012/2013 tax year and after the tax year the employer recalculated and discovered the commission earned by the employee was too much and the employee paid him back? Can you deduct it from your income tax for the 2012/2013 tax year or in the following year? Or must the employer issue a new IRP5 with the reduced amount?
The employer must issue the employee with a new IRP5, then the employee must request a "correction" return in that same tax year 2012/2013 and re-do the Income Tax return.
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