Relocation package, can i get moving expense deduction?
Mar 14th 2015 | 1:04 pm
#1
Thread Starter
Forum Regular
Joined: Jan 2013
Posts: 31
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
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
Mar 14th 2015 | 4:20 pm
#2
BE Forum Addict
Joined: Mar 2008
Posts: 4,913
From: Santa Cruz, CA
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
See IRS publication 521 for details Publication 521 (2014), Moving Expenses
