Our moving expenses included such fees such as 20,000 in commission to our relators, 2500 in legal fees, and a 1200 penalty to our bank for prepaying the mortgage before end of term. I still do not feel like this would warrant a almost 7,000 return? I have correctly input all the fees and put that against my husbands net income for the job he moved for, the moving expenses are obviously less than his income, and therefore seem to be what they are using as the deduction. How?!
When you enter a large moving expense deduction such as yours (approximately $25k), you are reducing your husbands "Net Income", which greatly affects his tax payable.The reduction could possibly have placed him in a lower Federal tax bracket, and most certainly has in the Provincial tax bracket.
As long as you have entered everything correctly, TurboTax guarantees our calculations are 100% accurate.One thing when claiming a high moving expense deduction is to be sure you have all the documentation available if CRA requests to review it.
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