|
Posted by NYCgymrat on March 11, 2007, 12:23 pm
Please log in for more thread options
I looked through a few of the previous posts, but I am still
stuck... my employer listed my relocation payments to a
third party as income on my W2 in box 1. There is nothing
listed in box 12 as mentioned in other posts. the money was
not grossed up - and its pushing me into a higher tax
bracket. Am I able to deduct this income as moving expenses?
I dont feel like this is pure income to me that I should pay
taxes on - I never saw this money, it was never actually
paid to me - I never even saw an invoice.
Any help is appreciated. by the way, I moved over 1500
miles, so I pass the distance test if that matters.
thanks people !!!!
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Paul Thomas, CPA on March 12, 2007, 4:54 am
Please log in for more thread options
> I looked through a few of the previous posts, but I am still
> stuck... my employer listed my relocation payments to a
> third party as income on my W2 in box 1. There is nothing
> listed in box 12 as mentioned in other posts. the money was
> not grossed up - and its pushing me into a higher tax
> bracket. Am I able to deduct this income as moving expenses?
Maybe not all of it, but the allowable expenses that they
paid on your bahalf, as moving expenses.
> I dont feel like this is pure income to me that I should pay
> taxes on - I never saw this money, it was never actually
> paid to me - I never even saw an invoice.
You should ask for the details of what was paid so you can
properly prepare your returns.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by brownie on March 12, 2007, 4:54 am
Please log in for more thread options NYCgym...@gmail.com wrote:
> I looked through a few of the previous posts, but I am still
> stuck... my employer listed my relocation payments to a
> third party as income on my W2 in box 1. There is nothing
> listed in box 12 as mentioned in other posts. the money was
> not grossed up - and its pushing me into a higher tax
> bracket. Am I able to deduct this income as moving expenses?
> I dont feel like this is pure income to me that I should pay
> taxes on - I never saw this money, it was never actually
> paid to me - I never even saw an invoice.
>
> Any help is appreciated. by the way, I moved over 1500
> miles, so I pass the distance test if that matters.
Because your employer paid a portion of your moving expenses
under a non-accountable plan, the payments are included in
box 1 of your W-2.You need to file form 3903 and show all
deductible moving expenses (including the amount the
employer paid that would qualify as deductible moving
expenses if paid by you) and no reimbursements(because your
reimbursements are already included in your wages).
If your employer had been using an accountable plan, he
would have included all reimbursed deductible expenses in
box 12 of your w-2.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by BeanTownSteve on March 12, 2007, 4:54 am
Please log in for more thread options NYCgym...@gmail.com wrote:
> I looked through a few of the previous posts, but I am still
> stuck... my employer listed my relocation payments to a
> third party as income on my W2 in box 1. There is nothing
> listed in box 12 as mentioned in other posts. the money was
> not grossed up - and its pushing me into a higher tax
> bracket. Am I able to deduct this income as moving expenses?
> I dont feel like this is pure income to me that I should pay
> taxes on - I never saw this money, it was never actually
> paid to me - I never even saw an invoice.
First, yes it's income. Second what's deductible
(potentially) are the amounts you or your employer on you
behalf, paid for move expenses that are allowable. Hope you
got receipts!
This would be a good year to have your taxes done by someone
competent.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by GrandMarquis99 on March 12, 2007, 4:54 am
Please log in for more thread options NYCgym...@gmail.com wrote:
> I looked through a few of the previous posts, but I am still
> stuck... my employer listed my relocation payments to a
> third party as income on my W2 in box 1. There is nothing
> listed in box 12 as mentioned in other posts. the money was
> not grossed up - and its pushing me into a higher tax
> bracket. Am I able to deduct this income as moving expenses?
> I dont feel like this is pure income to me that I should pay
> taxes on - I never saw this money, it was never actually
> paid to me - I never even saw an invoice.
>
> Any help is appreciated. by the way, I moved over 1500
> miles, so I pass the distance test if that matters.
The more likely problem is that you were not reimbursed
under a so-called "accountable plan". Amounts paid under a
non-accountable plan are reported as wages on line 1 of Form
W-2. In such a case, all of the reimbursement is included
in your income, and you are left to determine which of your
moving expenses, if any, can be deducted. For more
information, see IRS Pub. 521, available online in html
format at:
http://www.irs.gov/publications/p521/
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | Is income from US employer paid for work performed abroad tax exempt? | April 12, 2007, 6:32 pm |
| elderly relocation | June 27, 2007, 10:56 pm |
| Is Uniform Relocation Assistance money taxable? | March 19, 2007, 11:12 am |
| Different Spousal Residence Dates for Out of State Job Relocation | April 9, 2008, 7:45 pm |
| client didn't get W-2 from defunct employer | March 15, 2007, 1:09 am |
| Client in NYC, Employer in NJ, Self-employed | August 1, 2007, 4:26 pm |
| Re: Client in NYC, Employer in NJ, Self-employed | August 3, 2007, 3:54 am |
| Can't get employer to give 1099 | April 15, 2006, 2:59 am |
| Confused about Calif UI tax for household employer | January 16, 2007, 3:15 am |
| Overpaid Employer FICA Tax Question | March 14, 2007, 12:22 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap