Message Font: Serif | Sans-Serif
No. of Recommendations: 2
When I was offered my job I was offered reimbursement for my moving expenses, or a lump sum payment. Since I had just graduated and didn't have much to move, and was very cash poor - I took the money.

Yes, the lump sum is income to you and will be reported on your W-2. You'll deduct your allowable moving expenses as an "adjustment to income," which means that you can deduct them even if you don't itemize deductions.

See IRS Publication 521 and Form 3903.

Phil Marti
VITA Volunteer
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.