The 2025 versions of these forms have not been updated to reflect changes made by the One Big Beautiful Bill Act. A draft of the 2026 version of Form W-2 has a new box for the Treasury tipped occupation code and new codes for box 12 for tips and the premium portion of overtime pay; these are for payments in 2026. A draft of the 2026 version of Form 1099-MISC has new boxes for cash tips and the Treasury tipped occupation code as well as a box for overtime compensation. While instructions have not yet been released, it appears that businesses using independent contractors will use the new form for reporting tips and overtime payments that are made in 2026. #IdeaoftheDay
