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Form 2106-EZ for Chico California: What You Should Know
Form 2106-EZ—Reimbursed Employee Business Interest Expense on a Student Loan with an Interest Rate over 8.9% from the Loan Principal (for U.S. Citizens) If you're paying back a student loan with an interest rate above 8.9%, you should receive a Form 1098 (or similar) from the federal government. That form lists your income, and the “interest rate” (or the “earning period”). The interest rate depends on whether the loans were borrowed under federal or private student loans, although the 8.9% figure appears in the title of the form (and is often listed between the first sentence of Form 1098-ES and the second sentence) I was wondering what the interest rate is, because my loans are privately-funded and the interest rate is typically set under the “credit rating” of the rating agencies, which means there is no published federal rate and even the most conservative, conservative-sounding agencies may be underestimating the interest rate. So my assumption is that the rate for these loans is somewhere between 10% and 18%, but this is just an educated guess. The form asks if you were working for a commercial, federal, or private non-profit, and if so, what the school was and what the tuition was. All of that data is on the form, but most of it isn't very meaningful: the school name, or the amount (in tuition dollars) of the tuition, or my salary (I wasn't working at the school, but I didn't have to pay more than, let's say, about 3,000, maybe an amount like 12,000 a year, but it doesn't matter what the “actual” salary was) Also, it's unclear if any of the information was “lost in a computer crash”? (And, just for kicks, it would be great if they provided their contact information.) I checked with the IRS and their site, but there's no information on their site, only on IRS.gov, but my Google search returned nothing. I've just tried asking here at the site and haven't seen an answer; can anyone suggest a better way to ask? Anybody care to weigh in? I've been trying to calculate a rate for the interest on a 30,000 education loan.
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