The IRS has published the official schedule taxpayers will use to claim the headline deductions created by the One Big Beautiful Bill Act: no tax on qualified tips, no tax on qualifying overtime, the auto loan interest deduction, and the new senior deduction.
This is the operational green light millions of workers were waiting for. The schedule standardizes how these above-the-line deductions are reported, which matters because each has its own caps, phaseouts, and eligibility rules — up to $25,000 for tips, $12,500 ($25,000 joint) for overtime, $10,000 for auto loan interest, and $6,000 for seniors 65 and older.
Tax software providers have been integrating the schedule, but early filers should double-check that their software version includes it before submitting. Paper filers should download the current schedule directly from the IRS rather than relying on outdated forms.
Each deduction interacts differently with the standard deduction and other provisions, so review the eligibility rules for the ones you plan to claim — or model the impact with our calculators first.