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Basic tax question
Posted on 3/7/14 at 7:48 pm
Posted on 3/7/14 at 7:48 pm
I was in grad school last year and didn't have a job. I got a job that started at the end of January this year and got my first paycheck then but I did get a moving allowance in December. I haven't received a W2 for that moving allowance. Am I supposed to file taxes on that moving pay or will that be next year?
Posted on 3/8/14 at 7:42 am to ClydeFrog
Was it an allowance or was it in the form of a forgiveable loan? In other words, did you sign anything saying you would have to pay back part or all of it if you don't stay with your employer for a certain period of time?
Posted on 3/8/14 at 9:31 am to ClydeFrog
quote:
I haven't received a W2 for that moving allowance. Am I supposed to file taxes on that moving pay or will that be next year?
Expenses for thing like this are often nontaxable. However, they should be reported. I would keep good documentation on your moving expenses (as they are deductible, if you pay out of pocket) to at least offset or negate any tax liability for the moving allowance. Check with your payroll people to see if they're bringing it forward or if it is an oversight.
You can always file and amended return, of course, but you've got 5 weeks until tax day - that's enough time to get it right.
Pub 521 will be your guide here.
Posted on 3/8/14 at 1:25 pm to LSUFanHouston
I would need to repay the amount if I failed the tests I had to take after being hired because I would lose my job if I failed. I've just passed that part and made the move so the money would still be mine even if I left tomorrow.
And thanks for the responses.
And thanks for the responses.
Posted on 3/9/14 at 8:53 am to ClydeFrog
So you passed the tests in 2014? If so it's definetly not a 2013 income. It could be income in 2014 depending upon how the money was paid and used etc. The IRS pub listed above will help you figure that out. Plus if the company is big enough the HR and payroll people may be able to help.
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