What is the name of your state? New Mexico.
I was relocated by corporation x less than 39 weeks ago. As per corporation x's relocation policy (shown below), I did receive tax assistance, among other payments and services, as a benefit. My relocation repayment agreement has expired and I am considering changing employers for reasons I chose not to disclose at this time. My change in employer status will not be require me to move anytime prior to the end of my 39 week stay in NM. However, the new employer is based in another state and I will eventually be moving to that state.
Will I be required to claim any corporation x relocation benefits as income if I leave corporation x prior to the 39 week period?
Thanks,
employee1
My corporate relocation policy states as follows:
In order to comply with Internal Revenue Service (IRS) regulations, this policy will be administered in a manner consistent with federal statutes regarding time and distance requirements relative to tax deduction eligibility as follows:
•In order for your moving expenses to be deductible, you must also be employed full-time and reside at the new location for a minimum of 39 weeks in the 12-month period immediately following the start of work in the new location.
•If you voluntarily terminate employment prior to the completion of the 39-week period, all of the relocation expenses that would have been excludable and paid on your behalf by the Company will be considered as income and reported as such to the IRS. No additional gross-ups will be provided.
In addition to the above requirements, you must relocate your primary residence at least 50 miles from your former primary residence to be eligible for this policy.What is the name of your state?
I was relocated by corporation x less than 39 weeks ago. As per corporation x's relocation policy (shown below), I did receive tax assistance, among other payments and services, as a benefit. My relocation repayment agreement has expired and I am considering changing employers for reasons I chose not to disclose at this time. My change in employer status will not be require me to move anytime prior to the end of my 39 week stay in NM. However, the new employer is based in another state and I will eventually be moving to that state.
Will I be required to claim any corporation x relocation benefits as income if I leave corporation x prior to the 39 week period?
Thanks,
employee1
My corporate relocation policy states as follows:
In order to comply with Internal Revenue Service (IRS) regulations, this policy will be administered in a manner consistent with federal statutes regarding time and distance requirements relative to tax deduction eligibility as follows:
•In order for your moving expenses to be deductible, you must also be employed full-time and reside at the new location for a minimum of 39 weeks in the 12-month period immediately following the start of work in the new location.
•If you voluntarily terminate employment prior to the completion of the 39-week period, all of the relocation expenses that would have been excludable and paid on your behalf by the Company will be considered as income and reported as such to the IRS. No additional gross-ups will be provided.
In addition to the above requirements, you must relocate your primary residence at least 50 miles from your former primary residence to be eligible for this policy.What is the name of your state?