If you’ve ever looked at your W-2 form, you might have noticed Box 12 filled with a bunch of letters and numbers. It can be pretty confusing at first, but understanding what those codes mean is super ...

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 ...

Kelly Phillips Erb is a Forbes senior writer who covers tax. Chances are that when you get your paycheck, you don’t look closely at anything beyond the net pay—the amount deposited into your account.

The Internal Revenue Service has released a draft version of the 2026 Form W-2, Wage and Tax Statement, with new fields added to prepare the way for the tax exemptions on tips and overtime income ...

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 ...

The IRS announced that employers will use a new code in box 12 of the 2001 form W-2. Box 12 states the amount of benefits includable as wages on which the employee’s share of taxes has been paid. Code ...