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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 ...
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...
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 Reportable Items List for precious metals is not a simple catalog of coin names but a rule set tying reportability to metals (gold, silver, platinum, palladium), specific product forms and brands,...
Beginning with tax year 2026 the will revise W-2 and multiple 1099 forms so employers and payers must separately report qualified tips and qualified overtime compensation, a change driven by the and i...
lets workers deduct “qualified overtime compensation,” defined largely as the FLSA-required overtime premium — the portion of overtime pay that exceeds an employee’s regular rate (for many employees, ...
The adds a specific Box 12 code “TT” to report the total amount of qualified overtime compensation, turning what was voluntary transition reporting in 2025 into a formal, standardized field employers ...
issued allowing workers to claim the new “” and overtime deductions for tax year 2025 even though employer reporting forms were not yet changed, and they signaled that Forms W‑2 and various 1099s will...
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 (...
Employers must update payroll systems to separately track and report "qualified overtime compensation" so it can be output to W‑2 Box 12 using new code TT beginning with tax year 2026 (W‑2s issued Jan...
Payroll vendors and HR systems must begin mapping and capturing two discrete new W‑2 Box 12 fields—TP for tips and TT for qualified overtime—by separating these amounts from existing pay codes, record...
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...
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...