Hey everyone,
I recently relocated in January and was given a lump sum by the third-party relocation company. I'm trying to figure out how to plan for this come tax time.
Overall, I received a check for a flat dollar amount that already had the taxes paid for on my behalf (either by the third party company or my own) - either way the taxes are already paid for.
In terms of my 2015 taxes, I'm assuming that since this was a lump sum that I'll receive a W-2 at the end of the year from both my company (regular salary) and the third party relocation company (relocation). The relocation W-2 should show the gross amount as well as the taxes that we're "paid".
Am I thinking about this correctly? If so, I plan to take the moving deduction for all my moving expenses that meet Publication 521 - Moving Expenses.
Thanks in advance!
