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Tax question - job expenses partially reimbursed - 3/27/2012 12:09:27 PM

kalikshama

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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!

< Message edited by kalikshama -- 3/27/2012 12:10:20 PM >

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RE: Tax question - job expenses partially reimbursed - 3/27/2012 12:35:15 PM

ShaharThorne

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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.

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RE: Tax question - job expenses partially reimbursed - 3/27/2012 12:48:58 PM

mnottertail

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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.

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RE: Tax question - job expenses partially reimbursed - 3/27/2012 1:31:51 PM

LadyHibiscus

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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.

< Message edited by LadyHibiscus -- 3/27/2012 1:33:46 PM >

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RE: Tax question - job expenses partially reimbursed - 3/27/2012 5:58:00 PM

LookieNoNookie

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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?

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RE: Tax question - job expenses partially reimbursed - 3/27/2012 6:00:18 PM

LadyHibiscus

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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?

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RE: Tax question - job expenses partially reimbursed - 3/27/2012 6:38:37 PM

LookieNoNookie

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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 :) )

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RE: Tax question - job expenses partially reimbursed - 3/27/2012 6:40:47 PM

LadyHibiscus

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Bring me cupcakes or GTFO!!

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