{"id":66943,"date":"2026-02-23T19:53:35","date_gmt":"2026-02-23T19:53:35","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/did-you-earn-tips-last-year-see-how-much-this-new-tax-break-could-save-you\/"},"modified":"2026-02-23T19:53:35","modified_gmt":"2026-02-23T19:53:35","slug":"did-you-earn-tips-last-year-see-how-much-this-new-tax-break-could-save-you","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/did-you-earn-tips-last-year-see-how-much-this-new-tax-break-could-save-you\/","title":{"rendered":"Did you earn tips last year? See how much this new tax break could save you."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Locksmiths, tattoo artists and pedicab drivers are among those who could benefit from a new deduction this tax season that lowers the burden on workers who received tips as part of their income last year.\u00a0<\/p>\n<p>Eliminating taxes on tips, accomplished through the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-in-trump-big-beautiful-bill-senate-version\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">2025 passage<\/a><\/span> of the &#8220;big, beautiful bill,&#8221; allows eligible workers to deduct up to $25,000 in tips from their federal taxable income. Deductions reduce a filer&#8217;s taxable income, so the new tax break will benefit workers in industries where tipping is common.\u00a0<\/p>\n<p>The Tax Policy Center, a nonpartisan joint venture of the Urban Institute and Brookings Institution,\u00a0<a href=\"https:\/\/taxpolicycenter.org\/taxvox\/budget-laws-tax-cuts-overtime-and-tips-are-popular-few-will-benefit\" target=\"_blank\" rel=\"nofollow noopener\">estimates<\/a> that those who claim the deduction will receive an average tax cut of around $1,400.<\/p>\n<p>Andrew Lautz, director of tax policy for the Bipartisan Policy Center, a nonpartisan think tank, told CBS News that some tipped workers could get an even larger tax cut depending on their income.<\/p>\n<p>&#8220;If someone is claiming the maximum tip deduction and they are in the top tax bracket that is eligible for that maximum tax deduction, which is the 24% bracket, they&#8217;re going to see a tax cut of up to $6,000,&#8221; he said.<\/p>\n<p>Nearly a month into tax season, Americans are receiving\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/irs-tax-refund-amounts-2026-increase\/\" data-invalid-url-rewritten-http=\"\">higher refund checks<\/a><\/span> compared with last year. Early <a href=\"https:\/\/www.irs.gov\/newsroom\/filing-season-statistics-for-week-ending-feb-13-2026\" target=\"_blank\" rel=\"nofollow noopener\">data<\/a> from the IRS shows the average tax refund is nearly 14.2% higher than in 2025.<\/p>\n<h2>Who is eligible to deduct tips from their taxes?<\/h2>\n<p>Workers can claim the &#8220;no tax on tips&#8221; deduction regardless of whether they claim the standard deduction or itemize.<\/p>\n<p>Taxpayers with a modified adjusted gross income (MAGI) of $150,000 ($300,000 for joint filers) can claim the full deduction \u2014 up to $25,000 each year for tax years 2025 through 2028. (Your MAGI is your adjusted gross income plus tax-exempt income.)<\/p>\n<p>For single filers who earn more than $150,000 and $300,000 for joint filers, the deduction phases out by 10 cents for every dollar they make over those thresholds.<\/p>\n<p>The tax deduction is also limited to specific industries where tipping is common. That list (<a href=\"https:\/\/www.federalregister.gov\/documents\/2025\/09\/22\/2025-18278\/occupations-that-customarily-and-regularly-received-tips-definition-of-qualified-tips\" target=\"_blank\" rel=\"nofollow noopener\">outlined<\/a>\u00a0in the Federal Register) includes <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/no-tax-on-tips-trump-big-beautiful-bill-68-occupations-heres-who\/\" data-invalid-url-rewritten-http=\"\">nearly 70 different eligible occupations<\/a><\/span>. The IRS <a href=\"https:\/\/www.irs.gov\/newsroom\/treasury-irs-issue-guidance-listing-occupations-where-workers-customarily-and-regularly-receive-tips-under-the-one-big-beautiful-bill\" target=\"_blank\" rel=\"nofollow noopener\">says<\/a> that in order to claim the deduction, a taxpayer must work in one of the occupations on the list and receive what it refers to as &#8220;qualified tips.&#8221;\u00a0<\/p>\n<p>Simply, qualified tips are those that customers voluntarily offer to workers. Automatic service charges, which restaurants sometimes impose on large parties, do not qualify, according to that definition.\u00a0<\/p>\n<p>Tips must also be paid in cash or another medium that can be exchanged for cash, such as a check. That means digital assets, like cryptocurrency, would not qualify for the new deduction. Taxpayers can visit the IRS&#8217;s\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/treasury-irs-issue-guidance-listing-occupations-where-workers-customarily-and-regularly-receive-tips-under-the-one-big-beautiful-bill\" target=\"_blank\" rel=\"nofollow noopener\">website<\/a> for the agency&#8217;s complete definition of &#8220;qualified tips.&#8221;<\/p>\n<p>The new deduction only affects federal income taxes on tipped income. As TurboTax <a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/tax-deductions-and-credits\/no-tax-on-tips-how-it-works-in-the-one-big-beautiful-bill\/c1thHf1sU\" target=\"_blank\" rel=\"nofollow noopener\">notes<\/a> in an online explainer, &#8220;Tips are still subject to payroll taxes and may also be taxed at the state or local level.&#8221;<\/p>\n<h2>How do I know the amount of &#8220;qualified tips&#8221; I received?\u00a0<\/h2>\n<p><a href=\"https:\/\/www.irs.gov\/newsroom\/one-big-beautiful-bill-how-to-take-advantage-of-no-tax-on-tips-and-overtime\" target=\"_blank\" rel=\"nofollow noopener\">According<\/a> to the IRS, workers can see the &#8220;qualified tips&#8221; paid to them in 2025 on a Form W-2, Form 1099-NEC, Form 1099-MISC, Form 1099-K or Form 4137.<\/p>\n<h2>How do I claim the tips deduction?<\/h2>\n<p>Workers must fill out and submit a new IRS form introduced this tax season called the\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040s1a.pdf\" target=\"_blank\" rel=\"nofollow noopener\">Schedule 1-A<\/a>. Filers can also use a Schedule 1-A to claim several other new tax deductions this year for\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/income-tax-return-auto-loan-2026\/\" data-invalid-url-rewritten-http=\"\">auto loan interest<\/a><\/span>, overtime pay and for <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/senior-tax-deduction-6000-impact-refund-aarp\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Americans age 65 and older<\/a><\/span>.<\/p>\n<h2>How many people will benefit from the deduction?<\/h2>\n<p>The Internal Revenue Service\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/one-big-beautiful-bill-how-to-take-advantage-of-no-tax-on-tips-and-overtime\" target=\"_blank\" rel=\"nofollow noopener\">says<\/a> in an online notice that the new deduction will benefit most taxpayers who earn tips, including veterans and people working in lower-wage jobs. Around 6 million workers report tipped wages, <a href=\"https:\/\/www.irs.gov\/newsroom\/treasury-irs-provide-guidance-for-individuals-who-received-tips-or-overtime-during-tax-year-2025\" target=\"_blank\" rel=\"nofollow noopener\">according<\/a> to the agency.\u00a0<\/p>\n<p>However, some experts say the tax deduction will only help a narrow slice of tipped workers. That&#8217;s in part because many lower-paid workers who get tips and claim the standard deduction already do not owe federal income taxes.\u00a0<\/p>\n<p>&#8220;If you&#8217;re a very low-wage earner, you&#8217;re probably not going to benefit, certainly not substantially, from this deduction,&#8221; he told CBS News.<\/p>\n<p>High earners who get tips may also not benefit if their income exceeds a certain amount. The benefit fully phases out for single filers who earn more than $400,000 and for people filing jointly who earn above $550,000, according to <a href=\"https:\/\/www.congress.gov\/crs-product\/IF13158\" target=\"_blank\" rel=\"nofollow noopener\">Congress.gov<\/a>.<\/p>\n<p><a href=\"https:\/\/taxpolicycenter.org\/tax-model-analysis\/preliminary-estimates-tax-benefits-deductions-tips-and-overtime\" target=\"_blank\" rel=\"nofollow noopener\">According<\/a> to the Tax Policy Center, roughly 3% of taxpayers are expected to claim the tips deduction this year.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<div class=\"component__item-recirc-block\">\n<p><h3 class=\"component__title\">Go deeper with The Free Press<\/h3>\n<\/p><\/div>\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/income-tax-on-tips-refund-irs-2026\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Locksmiths, tattoo artists and pedicab drivers are among those who could benefit from a new deduction this tax season that<\/p>\n","protected":false},"author":1,"featured_media":66944,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[244,247,6098,246],"class_list":["post-66943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-internal-revenue-service","tag-tax-refund","tag-tax-returns","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Did you earn tips last year? 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