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Parliament

Tax question: relocation allowance and expenses

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I have recently moved for work, and my company doesn't pay for movers or real estate agents or such.  They give you a lump sum and say, "Figure it out."  (I very much like that.)

So the payment came and they withheld income taxes.  Is that taxable?  Will I get it back when I file income taxes.

I moved myself, and my expenses were mostly gas, trailer rent and road food.  I assume that and any other relocation expenses are deductible?

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Moving expense deduction is no more (Trump tax law change) unless you are active military with a base change. The payment to you is taxable and should be in your W-2. If they would have paid the expenses directly, they may have not been income to you and may have been deductible by them in certain circumstance.

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If your company was worth a shit they would have increased the reimbursement by 1/3 so your after-tax money would be about the agreed upon amount.

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9 hours ago, Parliament said:

I have recently moved for work, and my company doesn't pay for movers or real estate agents or such.  They give you a lump sum and say, "Figure it out."  (I very much like that.)

So the payment came and they withheld income taxes.  Is that taxable?  Will I get it back when I file income taxes.

I moved myself, and my expenses were mostly gas, trailer rent and road food.  I assume that and any other relocation expenses are deductible?

So how is the North Pole this time of year?  Have you heard about the winters?

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mpu


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