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    Creativemind95's Avatar
    Creativemind95 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 2, 2007, 12:42 PM
    Relocation Taxable or not
    Hi,

    I received a lump sum of 7500 USD from my employer for my relocation to US in Dec 2005. Subsequently I moved to US on 1st Jan 2006 and deposited the check after opening a bank account.

    This lump sum payment does not appear in my W2 for the year 2006 as it was given in 2005. How should I treat this relocation benefit?

    Thanks,
    Naz
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 5, 2007, 01:20 PM
    It is likely taxable income for 2005. If you did not file a tax return for 2005, I believe you need to.

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