Signing Bonus Question
My wife will be starting a new job soon, with the new contract she will receive a signing bonus (50G). We have the ability to indicate when and how we want the signing bonus.
This year my wife and I will both make our full salaries (50G & 50G). My wife is now pregnant and provided everything goes well we will have a new baby in December of this year at which time she will begin maternity leave for 10 months, I will take the final 2 month after that.
We would like to take the bonus and apply it directly to a mortgage.
When would be the best time to take the payment resulting in minimal taxes?
A) This year?
B) Next Year while she is on maternity leave?
C) Next year when she resumes work?
D) Other?
Thank you in advance for your suggestions.
This year my wife and I will both make our full salaries (50G & 50G). My wife is now pregnant and provided everything goes well we will have a new baby in December of this year at which time she will begin maternity leave for 10 months, I will take the final 2 month after that.
We would like to take the bonus and apply it directly to a mortgage.
When would be the best time to take the payment resulting in minimal taxes?
A) This year?
B) Next Year while she is on maternity leave?
C) Next year when she resumes work?
D) Other?
Thank you in advance for your suggestions.