Business, 08.01.2021 17:50 chaseashley24

Joey moved from NY to NV because he was transferred by his employer, Big Casinos Inc. His employer reimbursed his moving expenses, and reported $1,250 on Form W-2, box 1. Joey's actual moving expenses totaled $1,450. How much can Joey claim as an adjustment to

income on Schedule 1, line 13?

Choose one answer

a. $1,250

b. $1,450

c. $200

d. $0

Answers: 3

Show answers

Answers

D- Joey cannot claim any compensation in the schedule 1 line 13 of the Income Tax Act as per latest amendments that have been made to the Act recently.

The employer of Joey can also put a Tax deductible at source as per the will of Joey on the moving expenses as reimbursed by Big Casinos Inc. for transportation from NY to NV.

Earlier the deduction that could have been claimed by Joey could have been in full to such expenses being borne by him even if they were reimbursed to him by the employer.But after thorough review and reconstruction of the Income Tax Act it was concluded that the expenses reimbursed cannot be deducted by the federal taxation policies as there was tax evasion in this scheme.After amendments several changes changes have been made to the Act and it has been bought to a conclusion that schedule 1 line 13 will no longer be able to be claimed by the taxable person as it has been reimbursed.

Hence, the correct option is D that Joey can claim a deduction $0 on his moving expenses that were reimbursed by Big Casinos Inc.

To know more about tax deductions, click the link below.

link

Answer from: Atromity

Joey can claim as an adjustment to income on Schedule 1, line 13:

d. $0

Explanation:

Joey cannot claim any adjustment to his income because moving expenses are no longer tax-deductible based on the new Tax Cuts and Jobs Act, 2017. Instead of making any adjustment claim, the reimbursement by Joey's employer of his moving expenses to the tune of $1,250 will be included in his income and taxed. Before the new tax law, moving expenses were an adjustment to the adjusted gross income, not an itemized deduction.

Answer from: Quest

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Answer from: Quest

the correct option is c

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