turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If my moving expenses were ~$500, is it worth paying $100 to claim them with turbotax deluxe edition?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DanO
New Member

If my moving expenses were ~$500, is it worth paying $100 to claim them with turbotax deluxe edition?

I would say there would be no profit in reporting the $500 moving expense.

The reduction of expense is taken from your taxable income, so if you're being taxed in the 20% bracket it would lower your tax by approximately $100 or maybe less.

Here is a link to the IRS tax table so you can see exactly what the difference would be.

https://www.irs.gov/instructions/i1040tt

View solution in original post

1 Reply
DanO
New Member

If my moving expenses were ~$500, is it worth paying $100 to claim them with turbotax deluxe edition?

I would say there would be no profit in reporting the $500 moving expense.

The reduction of expense is taken from your taxable income, so if you're being taxed in the 20% bracket it would lower your tax by approximately $100 or maybe less.

Here is a link to the IRS tax table so you can see exactly what the difference would be.

https://www.irs.gov/instructions/i1040tt

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies