India, Sept. 24 -- The IRS has rolled out an early draft of Schedule 1-A, a new form that will need to be filed with 2025 federal income tax returns. The form is tied to the recently passed One Big Beautiful Bill Act and opens the door to four new tax breaks: qualified tips, qualified overtime, car loan interest, and a special deduction for older taxpayers.

The rules, though, are layered with restrictions. Income limits apply, and the provisions are temporary, only running from 2025 through 2028, according to the Detroit Free Press. Still, the changes matter to millions of workers, especially those in jobs where tips and overtime play a big role.

According to the draft schedule, the breaks apply whether a filer itemizes or takes the sta...