- "No Tax" Deductions: New deductions have been introduced for eligible tipped workers (up to $25,000) and for "qualified" overtime pay (up to $12,500 for single filers), subject to income limits. A deduction for interest on new, U.S.-made car loans is also available.
- Standard Deduction & Credits: The standard deduction has increased to $15,750 for single filers and $31,500 for married couples filing jointly. The maximum Child Tax Credit is now $2,200 per qualifying child.
- Retirement Contributions: Limits for 401(k) contributions increased to $24,500 for 2026, and IRA limits increased to $7,500.
- Cryptocurrency Reporting: Centralized crypto exchanges are now required to report transactions to the IRS and
to taxpayers using a new form, Form 1099-DA.
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Reasons to amend a return File an amended return if there's a change in your: Filing status Income Deductions Credits Dependents Tax l...
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