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The changes and updates to the Form W-2 for the 2025 tax year, particularly regarding the reporting of qualified overtime compensation.
Employers who put a “qualified overtime” amount in Box 14 of the 2025 Form W-2 are furnishing the separate accounting the IRS says employees may rely on to claim the new overtime deduction; taxpayers ...
Employers must update payroll systems to capture and separately report qualified overtime and tip amounts beginning with tax year 2026, because the finalized (new Box 12 codes TT and TP and new Box 14...
Payroll platforms are preparing to surface "" as a separately tracked and reportable item for tax year 2026, with detailing new payroll items and guidance now available and notifying clients of report...
The IRS finalized the redesigned 2026 Form W‑2 — including the new Box 12 code “TT” for total qualified overtime compensation — with the agency posting the final 2026 W‑2 on or about January 9–12, 202...
The One Big Beautiful Bill Act created an above‑the‑line deduction for “qualified overtime compensation” effective for tax year 2025, allowing individuals to deduct up to $12,500 (single) or $25,000 (...
Changing withholding on Form W‑4 during the year is one of the quickest ways to reduce or eliminate the IRS’s underpayment (estimated tax) penalty because withholding counts as tax paid evenly through...