If your employer includes your reimbursement in
your taxable income, you can deduct all of your business mileage at 54
cents per mile.
If
not, you can claim the difference in the IRS standard mileage rate of 54 cents
per mile and a lesser reimbursement rate per mile as an employee business
expense.
To
deduct employee business expenses, you must have enough itemized deductions
(ie. Medical, mortgage interest, property taxes, charitable giving, ect) to
exceed your Standard Deduction. If you itemize, your deduction is
limited to the extent that it exceeds 2% of your Adjusted Gross Income.
So,
you may not gain a tax benefit fro this deduction.
To
report vehicle expenses in TurboTax:
- Type in 2106 in
the search box, top right of your screen, then click the magnifying glass
- Click the jump to 2106 link
in the search results.
- Follow the prompts and onscreen
instructions
- You will arrive at the Any
Vehicle Expenses or Sales?
Follow
the prompts and onscreen instructions
As you navigate thro ugh
the Employee Business Expense Category you will arrive at the Reimbursement
For Your Expenses page (towards the end). Enter your employer reimbursement (the mileage rate paid by your employer)
in this area.
