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VA online Form 982: What You Should Know
VA Disability Benefits The Tax Code Allows for the Discharge of Interest, Old-Age, and Survivors Insurance Interest is a taxable payment made to a creditor to satisfy the lender's indebtedness to you. Old-Age, Survivors Insurance is not taxable. Interest is a form of debt incurred to collect income or to satisfy existing indebtedness. Interest is deductible if the payments are made to you within the normal course of business. Interest is deductible as an expense unless interest on unpaid past due amounts is deductible under the tax code, in which case only interest earned on past due amounts of debt shall be deductible at maxim. Interest on interest is subject to tax at the rate of 10 percent per year or 25 percent as provided by the tax code. Interest charged in excess of 25 percent shall be taxable at the rate prescribed under the tax code by taking into consideration the actual dollar amount of the interest charge. Interest is taxable as a debt charge unless otherwise permitted by law. For example, interest may be taxable at 10 percent, but may not be deductible unless it is used to pay the outstanding balances of principal and interest, to purchase property or services, or to pay a deficiency. Interest is generally subject to tax when interest is charged on interest-bearing obligations unless it is otherwise allowed by law. Tax shall not apply to interest charge on a prior installment. Interest is generally not a deductible expense, unless it is used to pay current obligations. If a payment by a creditor on an overdue tax obligation is made with a tax charge of interest, the payment will result in tax. Interest is generally considered to be a debt charge if it is made from the proceeds of a negotiable instrument. If the interest is collected on a credit, the tax will be imposed during the year in which the payment is made. Paying interest on any debt is a financial activity. Interest is treated as income on Form 982 when a payment is made to a creditor to pay or satisfy an amount of debt and is taxable on Form 982. Interest is treated as a debt charge on Form 1120S when interest is paid from an employer plan which is a deferred compensation plan and which is taxable when it is received for nonqualified benefits, provided that the rate of interest is fixed by the plan. Interest is deductible as a cost described in a cost method of accounting.
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