: If your W-2 Wage and Tax Statement shows an amount in Box 8 (allocated tips), you must report this as income on your 1040 and use Form 4137 unless you have adequate records proving you received less .
For more specific guidance, you can review IRS Publication 531 on reporting tip income .
: Failure to report required tips to your employer can lead to a penalty equal to 50% of the Social Security and Medicare taxes due on those tips .
: If your W-2 Wage and Tax Statement shows an amount in Box 8 (allocated tips), you must report this as income on your 1040 and use Form 4137 unless you have adequate records proving you received less .
For more specific guidance, you can review IRS Publication 531 on reporting tip income .
: Failure to report required tips to your employer can lead to a penalty equal to 50% of the Social Security and Medicare taxes due on those tips .
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