IRS Publication 17 — Your Federal Income Tax (Individuals)
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“Additional child tax credit (ACTC) amount. The maximum ACTC amount is $1,700 for each qualifying child.”
Death of a taxpayer. If you need to file a return for someone who died before filing a 2025 return, check the “Deceased” box at the top of Form 1040 or 1040 -SR and enter the date of death. For more information, see Death of a Taxpayer in the Instructions for Form 1040.
Contributions to a governmental paid family leave program. Beginning in 2025, if you made contributions to a governmental paid family leave program, you will now include the full amount of those contributions in your income.
If you itemize your deductions on Schedule A (Form 1040), you can include the amounts contributed as part of the state and local taxes that you paid.
Form 1099 -DA. If, in 2025, you used a broker to effect the sale of a digital asset, your broker should send you a Form 1099 -DA that reports information regarding the transaction. In 2025, your broker has the option to report your basis in the digital asset on Form 1099-DA but is not required to do so. Even if you receive a Form 1099-DA, you must still answer the digital assets question on page 1 of Form 1040 or 1040 -SR. For more information, see the Instructions for Form 1099-DA.
Electronic payments and direct deposit. If you have access to U.S. banking services or electronic payment systems, you should use direct deposit for any refunds. The IRS recommends paying electronically whenever possible. Options to pay electronically include using your bank account with Direct Pay, your debit or credit card, your digital wallet, or your online account. Go to IRS.gov/Payments to see all your payment options. Also, see ModernPayments.
New deductions for itemizers and non -itemizers. Recent legislation provided for four new deductions that take effect beginning in 2025. If you are eligible, you can claim these deductions if you take the standard deduction or if you itemize on Schedule A (Form 1040). For more information on these deductions, see the instructions for Schedule 1 -A (Form 1040). The new deductions are as follows.
• No tax on tips. You may be eligible to take a deduction for qualified tips paid to you in 2025. You can’t deduct more than $25,000 of those tips.
Your deduction will be limited if your modified adjusted gross income is more than $150,000 ($300,000 if married filing jointly). To be eligible, you and/or your spouse who received the tips must have a valid social security number (SSN). If you are married, you must file a joint return.
• No tax on overtime. If you earned qualified overtime, you may be eligible to deduct up to $12,500 ($25,000 if married filing jointly) of your qualified overtime compensation. Your deduction will be limited if your modified adjusted gross income is more than $150,000 ($300,000 if married filing jointly). To be eligible, you and/or your spouse who received the overtime must have a valid SSN. If you are married, you must file a joint return.
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