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Company Paid Moving Expenses

931 Views | 4 Replies | Last: 5 yr ago by oldarmy1
Out in Left Field
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AG
I moved for work with my company. They paid for the movers and to store our goods for 30 days while we find a new place.

These costs were included on my W-2 in Box 12 with code P for "Excludable moving expense reimbursements paid directly to employee".

This amount is increasing my taxable income. Can I deduct this amount? Even if it was paid directly by my employer and not by me out-of-pocket?
AccountantAg
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AG
Not sure about deductions, but I do know my company grosses up salary during a move to cover the taxes owed.

Did your company do that?
Bonfire1996
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AG
Yes, you can wash it. The expenses are tax deductible but the deduction can be cancelled out by reimbursement
Out in Left Field
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AG
No gross up and no reimbursements paid to me.
combat wombat™
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AG
There's a deduction for moving expenses on page 1 of form 1040. It's an adjustment for AGI. If they reimburse you more than your actual expenses, then you may have some income. If they reimbursed you for less and it'll reduce your taxable income.
oldarmy1
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AG
Right. I would think you list all moving expenses and that deduction is either a wash against the W2 reimbursement or difference becomes a net loss/gain.

The total amount should not increase your tax, only any difference up or down.
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