What is 6050AA Reporting?
"No Tax on Car Loan Interest"
As part of the "One Big Beautiful Bill Act" (OBBBA) signed into law on July 4, 2025, a new tax deduction was created for tax years 2025-2028 of up to $10,000 of interest paid on qualifying new personal vehicle loans. IRS Code Section 6050AA describes the obligation of lenders to provide the necessary information for this deduction to both the borrowers and the Internal Revenue Service.
Compliance Made Simple
Brought to you by 1095EZ Online, our 6050AA Reporting is our simple, streamlined experience that makes it easy to meet your IRS eFiling obligations and provide borrowers with the tax form they need to deduct their car loan interest.
Trusted Experts
Since 2015, 1095EZ Online has been the go-to source for Affordable Care Act (ACA) Compliance Reporting of annual IRS Forms 1094/1095. With the passage of OBBBA, we're ready to lead the way again with a modern, web-based, self-service application!