My company paid for my move for a job related reason. Am I subject to taxation on the cost of the move?

Question

The moving cost shows up as an 'excluded' income item on my W2. But when I enter the deductions for the move, Turbotax wants to add the difference to my income, thus taxing the moving cost as an income. i did not pay out-of-pocket for the move, but the 'excluded' item will be taxed unless I enter the full amount in the deductions section. Any comments on this?

More specifically, my household goods were moved by a van to my new location; my work paid for this. I entered this amount in the Box 12 from the W2. In addition, I personally paid for storage and travel for myself; these costs were not reimbursed. Now, I am attempting to deduct these costs (not the amount covered by my work). Whenever I enter my personal costs in the Deductions section, the program subtracts it from the Box 12 amount, and attempts to add the difference to my income. this doesn't seem to add up (unless I must pay tax on the moving cost covered by my work!)

Answer 1

When entering the W-2 make sure you have matched every box. There is probably an entry in either box 12 or box 14 (most likely box 12) that must be entered into the program. This is one item that is income when paid for by an employer, but is written off by your actual expenses. Make sure you inluded your mileage.

Answer 2

If I'm understanding you correctly, you are attempting to deduct the cost of the moving expenses on your tax return. If the company paid for the moving expenses, you cannot deduct them. Whoever pays for the move gets to take the deduction.
Is there a number on the Turbo tax box for questions? Cause it doesn't make sense why you would have to include the moving expenses if you can't deduct them.

Answer 3

If you made a profit on it, you will.