Yes, you will be able to deduct any eligible moving expenses that were included in your taxable income (Box 1 of W-2) or for which you did not receive a reimbursement (out-of-pocket expenses).
Not deductible - If your company reimbursed you for your
moving expenses and did not include this amount in your taxable income on your
W-2. (In this case, since you are not recognizing the reimbursement as income,
you are not allowed to take a deduction for these reimbursed expenses.)
Yes deductible - If your company reimbursed you and
included the reimbursement amount as part of taxable income on your W-2 or if
your reimbursement was not included in your taxable income but the relocation
expenses exceed your company's reimbursement amount (you can claim the
difference).
Once you have signed
into your TurboTax Account (for TurboTax Online sign-in, click Here), select "Take Me To My
Return" and type "moving expenses" in the search bar then select
"jump to moving expenses". TurboTax will guide you in entering this
information
You will claim these
moving expenses on Form 3903 and they will not affect your ability to claim a
standard deduction.
Alternatively, to
enter your moving expenses in TurboTax Online or Desktop, please follow these
steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions
& Credits” ("Personal Income" in TurboTax Home &
Business)
- Next click on "jump to
full list" or (I’ll choose what I work on or see all tax breaks)
- Scroll down the screen until
to come to the section “Other Deductions and Credits”
- Choose "show more",
then Moving Expenses and follow the onscreen instructions
- If you are able to meet the
IRS moving expense requirements, you will enter the lodging
information on the screen that is titled "Enter your moving
expense"
According to the
IRS, if you moved due to a change in your job or business location, or because
you started a new job or business, you may be able to deduct your reasonable
moving expenses but not any expenses for meals.
Please refer to
these links related to moving expenses: IRS - Moving Expenses and Moving
Expense Deduction
