I moved from IL to WI in 2017 for work. It was a requirement for me to move as I needed to be within a certain distance/time from my place of employment.
Under the contract my moving expenses were to be paid by my new employer. I was reimbursed 100% for the move under an accountable plan.
This was reported on my W-2 in box 12 code p. I was under the impression that this amount was not taxable income. However, when I include the amount in the TurboTax software my tax liability (and accordingly refund) changes (liability goes up and refund goes down).
Under the deductions, I cannot seem to claim a moving deduction as I fail the distance test. So my questions are:
1. Given the 100% reimbursement (without being paid over or under), do I need to include box 12 code p on my return?
2. Am I able to claim a moving deduction despite failing the distance test, given that I was required to move my residence from IL to WI?
Thanks.
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OK. At this point, your return is reporting that you received reimbursements for moving expenses (W-2, Box 12 P). Even though the reimbursement is not taxed, we need to tell the full story.
Now we need to say that we moved and used that money for moving expenses. In other words, if you didn't move and use that money for money, the money becomes taxable.
Here's how to enter your job-related moving expenses. (Make sure that you at least report expenses that add up to the Box 12 P amount. It should be the same figure unless you paid something out of your pocket.) If you have any other details regarding this question, please feel free to post them in the comment section.
OK. At this point, your return is reporting that you received reimbursements for moving expenses (W-2, Box 12 P). Even though the reimbursement is not taxed, we need to tell the full story.
Now we need to say that we moved and used that money for moving expenses. In other words, if you didn't move and use that money for money, the money becomes taxable.
Here's how to enter your job-related moving expenses. (Make sure that you at least report expenses that add up to the Box 12 P amount. It should be the same figure unless you paid something out of your pocket.) If you have any other details regarding this question, please feel free to post them in the comment section.
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