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Svet_ta [14]
3 years ago
12

Joey moved from NY to NV because he was transferred by his employer, Big Casinos Inc. His employer reimbursed his moving expense

s,
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
Business
1 answer:
kow [346]3 years ago
4 0

Answer:

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.

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B

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<h3>What do you mean by cash flow from operating activities?</h3>

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The missing information in the question is:

Multiple Choice:

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learn more about cash flow from operating activities here:

brainly.com/question/25716101

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6 0
2 years ago
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