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Today’s Lead Story
Saturday, August 15

Taxes

IRS Clarifies New Overtime Tax Deduction: Workers Can Exclude Up to $12,500

via IRS

The IRS released updated guidance on the new overtime pay deduction, which lets eligible workers subtract up to $12,500 of 2026 overtime earnings from their federal taxable income — $25,000 for married couples filing jointly. Employers must now separately code qualifying overtime on Form W-2 using a new designation, and the deduction phases out above $150,000 in income.

Why it matters

If you earn overtime pay, updating your W-4 to reflect this deduction could reduce the tax withheld from each remaining paycheck this year rather than waiting for a refund at filing time.

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