can you plz recommend a good tax preparer to get back relocation bonus tax
Hi all, I joined a company in 2023, received their relocation package, but left the company in 2024 before 1 year tenure. I had to return the gross relocation bonus (i.e including tax) to the commpany. i heard that it seems like I can receive that tax amount from tax return. However I cannot find a tax preparer that has exerience in this issue to help me file tax. i contacted some CPAs but none of them knows how to do it. could you please recommend someone who can help me file tax and get back that tax amount? thank you very much best#cpa #irs #tax
my relocation was 12k but I had to return 19k because of tax
i am thinking to prepare the form by myself. Do you know what form should I use? thanks
it's more complicated with state taxes, as they often don't have a credit for this, and taking a deduction may be worse than a federal credit if you don't itemize already.
Agree to disagree there especially if they’re in a state that didn’t conform to the changes to relocation expense tax deductions that the federal government temporarily suspended with tax reform in 2018 (CA as one example where certain moving expenses are still deductible)
why do you need a good one. Just add a amendment or add in next year.
https://www.taxact.com/support/14417/2023/repayment-of-income-general-irc-credit?hideLayout=False In short, see Publication 17 p. 72. Sometimes if the only preparers you can find are ignorant bozos, like you used Jackson Hewitt or something, you can give them a copy of the pub and highlight the relevant paragraph.
Was it above or below $3000?
What company-managed relocation costs 3k LOL??? Even if you meant just the tax liability, that's impossible?? Mine was formally like 50k on my income statements for just 1 person. Companies go for the most expensive providers and stuff. They don't care. Or at least this is for the "managed" relo packages, ymmv with lump sum.
When you assume you make an ass out of u and me