topic Same here. in Retirement tax questions

Why is the amount in w-2 box 12 with code P included in the taxable amount?

FW14B — Fri, 31 May 2019 23:43:15 GMT

I believe that the amount should be excluded from taxable amount....

According to IRS Publication 521, Moving Expenses, "your...

Mignyuan — Fri, 31 May 2019 23:43:16 GMT

According to IRS Publication 521, Moving Expenses, "your employer should not include in your wages reimbursements paid under an accountable plan for moving expenses that you:
1. Could deduct if you had paid or incurred them, and
2. Did not deduct in an earlier year.

These reimbursements are fringe benefits excludable from your income as qualified moving expense reimbursements. Your employer should report these reimbursements on your Form W-2, box 12, with Code P.

So, you are correct that the moving expenses included in box 12 with a P should not be included in your taxable income. I would contact your employer for a corrected W-2.

I have the code P and it seems that my tax liability incr...

Davo64 — Fri, 31 May 2019 23:43:16 GMT

I have the code P and it seems that my tax liability increases based on the amount for Code P. When I change it back to zero it increase my tax refund quite a bit. I did not change anything in blocks 1, 2 or 3. Does TT have a bug? Or am I also to enter the same amount from the code P as a deductible moving expense?

Same thing is happening to me. TT is adding the amount in...

cchanin — Fri, 31 May 2019 23:43:18 GMT

Same thing is happening to me. TT is adding the amount in line 12 P on my W2 to wages line 7 on my 1040.

Same here.

wbryan — Fri, 31 May 2019 23:43:20 GMT

Same here.

Figured it out! You need to claim moving expenses of the...

cchanin — Fri, 31 May 2019 23:43:22 GMT

Figured it out!
You need to claim moving expenses of the same amount , and it will no longer be included in your taxable income.

Thank you!!!

wbryan — Fri, 31 May 2019 23:43:23 GMT

Thank you!!!