As with tips, to qualify, the overtime pay must be reported on a Form W-2, Form 1099, or other specified statement furnished to the taxpayer. The maximum annual deduction is $12,500 ($25,000 for joint ...

The American Institute of CPAs is asking for more flexibility for taxpayers who wish to claim tax deductions for overtime and ...

Wondering how the new mega tax law will affect your paycheck and taxes? Some of the answers lie in the new W-2 form employees will start getting for tax year 2026. The new forms show how new laws, ...

A draft version of Form W-2, Wage and Tax Statement, for 2026 includes boxes and codes for reporting qualified tips and qualified overtime compensation that can be deducted temporarily under the ...

The Internal Revenue Service has posted a draft version of Schedule 1-A, "Additional Deductions," for Form 1040 that will be used next tax season when claiming new tax breaks in the One Big Beautiful ...