Question

I received relocation assistant in a lump sum grossed up. If I leave next year and must repay 66% will I receive the taxes back?

Forum|Forum|7 years ago
June 5, 2019
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Employee

First, if you repay more than $3000 in one tax year there is a procedure to take a deduction or credit. It reduces your income tax, but you don't get the social security tax back.

Second, since the relocation money is taxable, and if you moved more than 50 miles, you can take the moving expense deduction on your tax return. However, if you quit in less than 39 weeks, you also have to pay back the deduction -- unless you get a new job in the new location.

K

kl2006Author

Thank you! Can you please explain the deductions and credit options? Would I receive the taxes I paid in the lump sum (minus social security) back? Or would I lose a percentage of that money?