The IRS released a draft of the new proposed Schedule 1-A, Additional Deductions, for the new One Big Beautiful Bill Act (OB3 Act) deductions that are below-the-line:
- Qualified tips deduction (new §224),
- Qualified overtime deduction (new §225),
- Qualified passenger vehicle loan interest (amended §163), and
- Enhanced senior deduction (amended §151).
The draft Schedule 1-A provides great insight into how the IRS will approach these deductions in guidance or proposed regulations.
Read More: https://www.tomtalkstaxes.com/p/ob3-act-new-schedule-1-a-draft-released (September 12, 2025)