On July 4, 2025, President Trump signed into law the so-called “One Big Beautiful Bill Act.” The Act established new above-the-line tax deductions for “qualified tips” and “qualified overtime ...
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 ...
Importantly, qualified tips must be reported on Form W-2, Form 1099, or other specified statement furnished to the taxpayer. Since this is a federal income tax deduction, not an exclusion, tips are ...
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