Mathew works for Levitz Mortgage Company.The company has an accountable reimbursement plan.During the year Levitz reimburses Mathew $5,400 for his business expenses.Mathew's adjusted gross income for the year is $45,000.His business expenses are as follows:

What amount will Mathew be able to deduct as a miscellaneous itemized deduction?

Question

Mathew works for Levitz Mortgage Company.The company has an accountable reimbursement plan.During the year Levitz reimburses Mathew $5,400 for his business expenses.Mathew's adjusted gross income for the year is $45,000.His business expenses are as follows:
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What amount will Mathew be able to deduct as a miscellaneous itemized deduction?

Quizplus · Accepted Answer

Since Levitz has an accountable reimbursement plan, Mathew cannot deduct any of the reimbursed expenses as miscellaneous itemized deductions. However, he can deduct any unreimbursed business expenses as a miscellaneous itemized deduction. In this case, the only unreimbursed expenses are the union dues and job search expenses, which total $600. Therefore, Mathew can deduct $600 as a miscellaneous itemized deduction.

Mathew Works for Levitz Mortgage Company