vacation bankruptcy
I am owed over $5000 by my employer, can I deducted this nonpayment from my income tax?
I company is declaring bankruptcy and I am owed back pay and vacation. Since this was supposed to be part of my earning – I want to deduct this on my 1040 at the end of the year.
If it is included in your W-2, then you can deduct it. If it is not included in your W-2, then you cannot deduct it. If your W-2 includes only the amount that you actually do get paid, which is the amount that you were supposed to get MINUS the amount you did not get, the subtraction is already done.
Farewell Champion Airlines
