Solved: If my moving expenses were ~$500, is it worth paying $100 to claim them with turbotax deluxe edition?
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shelbyjane90
New Member

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

 
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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

View solution in original post

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