Lump sum relocation benefit....really!?

They are paying for my household move (not taxable) and giving me a lump sum (taxable but I done been po this year so will get a decent refund even if I have no taxes withheld from my paychecks). I really just get a check to spend however I need? *faint* I am so shocked. It is a pretty generous amount. It's really just mine? I am sorry for seeming obtuse but I am just mindboggled.

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Comments

networker050184

Thats pretty sweet. I received relocation expenses for my current job, but it was a reimburse with receipts deal up to a certain amount. Would have been nice to just get a check to use as I see fit though.

Bokeh

If they want you bad enough, they'll pony up the $$. Happened to a friend of mine. Got offered a job out of state. Hospital offered to have someone move her, or she could do the move herself and get 25k towards rental on a condo, plus utilities. She did the move herself, had them pay for housing, a pocketed a nice chunk of chain over that first year.

rwmidl

Years ago when I moved from the EC to the WC the company I was with gave me an "ok" moving package. However, they wanted me to move pretty quick. I countered that I couldn't move in their time frame because I would be out a few months rent on my apartment (breaking the lease early), didn't have time to line up movers, etc. They came back and doubled the moving package (went from 4-digits to 5-digits!) if I could move on their schedule. I agreed, was able to line up a mover pretty quick (and for a good price), shipped my car cross country, and was able to pocket quite a bit! It helped too that once I got out there I was able to find an apartment within a few days.

powerfool

Well, that lump sum will have taxes withheld at about 50%, IIRC. Be prepared for that.

colemic

It's somewhat common on DoD contracts overseas to have the move paid for, usually up to 18K pounds, plus a vehicle... I was fortunate enough to get that deal, plus temp housing, plus 5K cash when I moved to Germany a few years ago. That generosity may be going away though due to budget cuts...

SubnettingGoddess

I don't believe it's actually taxed at time of disbursement like a bonus is. And it simply counts as income when I file my taxes, yes? But like I said, even if I do not pay a dime this year, I should get back a nice little chunk. Something like $3000.

earweed

Sounds like they really want you there. Sweet deal!

Hada944

Must be a GD contract?

It's easier to just pay you the lump sum as opposed to dealing with all the receipts and reimbursements.

Congrats on the gig.

I got one too....it will count as income. No taxes come out initially...you'll get bit a little when you file your taxes. At least that's how it's working for me.

SubnettingGoddess

Thank you earweed.

Hada it is actually a permanent position, which thrills me. I want to stay put for a while.

MrAgent

I took a job 10 years ago with intel when I decided to leave the military. The job was in Rio Rancho, New Mexico (10 miles from Albuquerque), and I was stationed in Norfolk, VA. Intel gave me $15k for moving expenses and they scheduled a truck to come pack up my apartment. Out of that 15k, I believe I kept around 9k after taxes.

The only thing I had to agree to was to stay with them for 2 years.

So yeah, you should be keeping that money.