Tax question - job expenses partially reimbursed

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kalikshama -> Tax question - job expenses partially reimbursed (3/27/2012 12:09:27 PM)
M drove over 40,000 miles for work last year. His employer reimbursed him ~ $13,000. The IRS would have allowed ~ $22,000. 1. Should he pursue the $9,000 discrepancy? 2. I'm familiar with the vehicle expense form but don't know how to account for the money he was already reimbursed. 3. I'm using TurboTax. Should I instead do this by hand, via a tax professional, or drop it? Thanks!

ShaharThorne -> RE: Tax question - job expenses partially reimbursed (3/27/2012 12:35:15 PM)
I would use a tax pro. As long as you got the gas receipts, the IRS should allow for the difference. Hibbie would know more since she is the CPA. I only had the training and did bookkeeping for Bo when he was a cab driver.

mnottertail -> RE: Tax question - job expenses partially reimbursed (3/27/2012 12:48:58 PM)
Yes, it is under unreimbursed expenses. No different if the motel room costs you 1000 a night and they only reimburse 500. You have got to get a reciept from the sucking slut of course, and it may be looked at with eyes akimbo..........nevertheless.

LadyHibiscus -> RE: Tax question - job expenses partially reimbursed (3/27/2012 1:31:51 PM)
First, make sure he keeps his mileage log. The form is a 2106, Employee business expenses, which goes with the Schedule A. As a Miscellaneous Expense, it's subject to a floor of 2% of your income, meaning that the first 2% of your income that you spend on the "miscellaneous" category does not count, the next incremental dollar does. Might be worth it, It's Only Math. :) ETA: don't worry about what was already reimbursed. Actually, you could just plug in the amount on the Miscellaneous line of Sch A and blow off the 2106, just keep the backup of how you arrived at the number. And remember that the first half of the year had a different mileage rate than the second half. You can always cmail me, eh? Hib, CPA at large.

LookieNoNookie -> RE: Tax question - job expenses partially reimbursed (3/27/2012 5:58:00 PM)
quote: ORIGINAL: kalikshama M drove over 40,000 miles for work last year. His employer reimbursed him ~ $13,000. The IRS would have allowed ~ $22,000. 1. Should he pursue the $9,000 discrepancy? 2. I'm familiar with the vehicle expense form but don't know how to account for the money he was already reimbursed. 3. I'm using TurboTax. Should I instead do this by hand, via a tax professional, or drop it? Thanks! HIB????????? I'm gonna say that his employer gave him a "credit" towards expenses...... The IRS gives you a "deduction" against income. One may require an income tax against the deduction (as to any excess). HIB?

LadyHibiscus -> RE: Tax question - job expenses partially reimbursed (3/27/2012 6:00:18 PM)
JJ. I understood the question. I get this kind of question allll the time. The employer, I am sure, deducted as much as humanly possible as a car allowance while actually PAYING some trifle. Which may or may not be on the W-2 as imputed income... the chances of getting to use the additional deduction for the out of pocket amount = minimal. Leave this to the professionals. Don't you have a cat to find?

LookieNoNookie -> RE: Tax question - job expenses partially reimbursed (3/27/2012 6:38:37 PM)
quote: ORIGINAL: LadyHibiscus JJ. I understood the question. I get this kind of question allll the time. The employer, I am sure, deducted as much as humanly possible as a car allowance while actually PAYING some trifle. Which may or may not be on the W-2 as imputed income... the chances of getting to use the additional deduction for the out of pocket amount = minimal. Leave this to the professionals. Don't you have a cat to find? (Hence why I summoned you :) )

LadyHibiscus -> RE: Tax question - job expenses partially reimbursed (3/27/2012 6:40:47 PM)
Bring me cupcakes or GTFO!!

kalikshama -> RE: Tax question - job expenses partially reimbursed (3/27/2012 6:52:02 PM)
Nope, wasn't on the W-2. I will CM you tomorrow - I was hoping you'd answer - thanks! [image]http://upload.wikimedia.org/wikipedia/commons/thumb/5/56/Chocolate_cupcakes.jpg/300px-Chocolate_cupcakes.jpg[/image]

LadyHibiscus -> RE: Tax question - job expenses partially reimbursed (3/27/2012 6:54:14 PM)
CMailing you my email addy!

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