|
|
| *Ostroff, Fair and Company>>>United States Taxes |
Taxable move? |
I relocated to another state and my company paid for it. However in my paystub my company put the amount of money for relocation as income hence I paid tax and in my W2 it's listed as Value Received. can I put this under deduction when filing for tax return? You may be able to deduct your moving expense. You can read about it on IRS web site. http://www.irs.gov/publications/p521/ind... publication 521 has all the information As long as you are employed or will be employed for 39 weeks in the following year and you are at least 50 miles away from your last employment, it will qualify as a legal move and you can claim it on your taxes. If you use tax act online (Federal filing free) or turbo tax, (May be free depending on your income), it is explained with all the rules you need. IRS rules Assuming you meet the requirements of the moving deduction (Distance test, time test etc..) It depends on what exactly your employer paid for. Certain items are deductable (like the transportation of your items (and yourself)..some are not, like temporary housing. I'm guessing unless your employer made an error (or you received the cash to pay these expenses yourself and didn't provide an accounting of them), that they are of the non-deductable type, since you employer wouldn't have withheld taxes on that income otherwise... If your employer included the reimbursement in your wages and you met all teh qualifications, (distance, etc) then you can claim moving expenses by filing form 3903. You do not have to itemize to claim this as it is reported on line 26 as an adjustment to income not as an itemized deduction Form 1040 |
| Tags |
| Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes |
Finance Categories--Copyright/IP Policy--Contact Webmaster |