Herbert's answer is sufficient, but I would like to suggest \usepackage{mathtools} as well (it automatically loads amsmath), and then
\DeclarePairedDelimiter{\abs}{\lvert}{\rvert}
The fraction can then be written as \frac{ \abs{1-t_2} }{y}.
Using \abs gives a number of advantages:
The code is easier to read (at least, I think so), because one recognizes "absolute value".
Scaling only needs to be done in one place, namely the optional argument of \abs:
Compare
\abs[\Big]{ \int_a^b f(x) }
with
\Bigl \lvert \int_a^b f(x) \Bigr\rvert
(there is also an \abs* version, which is equivalent to prepending \left and \right to \lvert and \rvert, but I think this has a tendency to produce too large delimiters; I prefer to find an appropriate size by hand)
It is impossible to forget the closing delimiter, since it will produce a missing right brace error.
The mathtools package also provides lots of other nice features.