Looks Like Form 1-A will List the new OBBBA Below the Line Deductions
It appears that the IRS will use Form 1-A for the new OBBBA deductions
The IRS has issued a new draft of the 2026 Form W-2 that will report wages.
There will be a new box 14b to list the industry for the tip deduction.
Also, there are new codes for Box 12 to report information related to OBBBA as follows:
TA—Employer contributions to your Trump account.
TP—Total amount of qualified tips.
TT—Total amount of qualified overtime compensation.
The instructions for box 14b refer to a currently nonexistent Schedule 1-A which will likely report the following items of deductions:
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