Reported 2 days ago
The IRS has outlined new drafts for the 2026 W-2 and W-4 forms that will incorporate significant tax law changes, including no tax on tips and new deductions for seniors aged 65 and above. The revised W-2 form introduces alterations in Box 14 to accommodate new reporting for tip income, while the W-4 form will now feature updated deductions, such as for cash gifts to charities and additional amounts for seniors. Taxpayers should prepare for increased complexity in tax filings as these new provisions will take effect starting with the 2026 tax year.
Source: YAHOO