Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mark_wilson2007
New Member

I am a w2 employee that works out of town. we get 27 cents per mile but national rate is .55 can i write off the difference for mileage.

 
1 Best answer

Accepted Solutions
Marketstar
Level 7

I am a w2 employee that works out of town. we get 27 cents per mile but national rate is .55 can i write off the difference for mileage.

Yes, you can.

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 in this area.

 


View solution in original post

1 Reply
Marketstar
Level 7

I am a w2 employee that works out of town. we get 27 cents per mile but national rate is .55 can i write off the difference for mileage.

Yes, you can.

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 in this area.

 


View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v