Indicate the proper treatment in the current year for the underlined amounts. Treat each item as an independent event. Indicate whether the amount is deductible or not; if deductible whether it is deductible FOR or FROM AGI; and indicate the amount of the deduction for the current year considering any relevant limitations. Assume the taxpayer has deductions greater than the standard deduction, has AGI of $69,000 without regard to the following transactions and has no "total" income limitations related to itemized deductions.
-Moving expenses incurred on a job related move consisting of $2,500 for the moving van, $300 for lodging en route, $100 for mileage during the move, and $80 for meals. Amount: $2,900
A)Not Deductible
B)Deductible - For AGI
C)Deductible - From AGI

Question

Quizplus · Accepted Answer

Moving expenses for a job relocation are no longer deductible for most taxpayers under the Tax Cuts and Jobs Act of 2017, except for members of the Armed Forces on active duty who move pursuant to a military order.

Indicate the Proper Treatment in the Current Year for the Underlined