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Journal of Accountancy · Recently

IRS updates overtime deduction FAQs, adds reporting details

Tax Brief summary and classification of the original reporting.

Bottom Line

💡 IRS updates overtime deduction FAQs, adds reporting details. Review and take action if applicable to your clients.

Summary

Workers generally may claim the overtime pay deduction only for amounts reported on Form W-2, Wage and Tax Statement, beginning in tax year 2026, according to updated IRS FAQs. The IRS also clarified that the deduction does not make overtime pay exempt from gross income.

Classification

Category: heads upPriority: action neededReason: Contains 'beginning' - action may be required

Applies To

1040payroll

Affected Groups

Individual return preparers, Payroll/employment tax specialists

Original Source

We aggregate public tax updates and provide AI-assisted summaries. Please read the original reporting for full details.

Read original article