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Can I deduct moving expenses on form 3903 for the amount…

Can I deduct moving expenses...
Can I deduct moving expenses on form 3903 for the amount shown on my W-2 with code P?
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3/22/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Form W-2 - Code P Moving Expense Reimbursements. An amount with code P will transfer to Line 4 of Form 3903 for moving expenses.

Below is a link to Form 3903 for your convenience.

https://www.irs.gov/pub/irs-pdf/f3903.pdf

"Enter the total amount your employer paid you for the expenses listed on lines 1 and 2 that is not included in box 1 of your Form W-2 (wages). This amount should be shown in box 12 of your Form W-2 with code P . "

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

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Customer reply replied 1 month ago
Is that amount deductible?

It depends.

Line 5 "Is line 3 more than line 4? "

In NO --"You cannot deduct your moving expenses. "

If Yes--"Subtract line 4 from line 3. Enter the result here and on Form 1040, line 26, or Form 1040NR, line 26. This is your moving expense deduction ."

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,173
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
thanks!

Have a great day

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Category: Tax
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