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Cashed Out PTO

January 13th, 2014 at 08:38 am

I have an extremely rare opportunity with the company that I work for. They actually allow employees to cash out their PTO. You only need to meet the following criteria to do so:
- Must have 60 hours PTO remaining after cash out.
- Must have taken a least 40 hours PTO in past 365 days.
- Max cash out of 120 hours.

So I cashed out 110 hours and will have 60 remaining. This will help out tremendously with some of our newly-accrued debt from buying our home.

We should be picking up keys for the home today. Smile

3 Responses to “Cashed Out PTO”

  1. Carol Says:

    Congratulations on your new home!

  2. creditcardfree Says:

    Very nice chunk of change!

  3. Xtreme Thunder Says:

    Perfect, and Congrats!

    I wish I could do the same as I'd be able to cash out 475 hours using the criteria above! I requested to cash out 70 hours of vacation time this past year, but the request got denied due to financial state of the municipality, so I rolled it over into 2014. Eh, ...hey, thankful to have a job these days, just more time when I cash out at retirement!

    Now that I think about it, I know mine would be taxed and considered income, and I assume yours would be too(?), so keep that in mind for your tax liability for 2014 taxes. You don't want a surprise next year if you are like me and try to owe zero or owe just a couple hundred.

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