Relocation package, can i get moving expense deduction?
 

Hello,

Filing my tax return first time. Any tax pros who can help?

I moved from London to Houston last year.

My company gave a lump sum as a relocation package say 'X'.
I spent 'Y' from the relocation package which was less than the 'X' amount.


My 'pay adjustments' from company show that the company has witheld taxes for the amount 'X'. W-2 Box1 (wages,tips) includes the relocation package X and there is no 'P' in Box 12.

I noticed that there is Moving expense deduction in the tax form (using TaxAct). Can i fill amount 'Y' as deduction?

Thanks

Re: Relocation package, can i get moving expense deduction?
 

You can only deduct those moving expenses that are allowed by the IRS.

See IRS publication 521 for details Publication 521 (2014), Moving Expenses