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Learn how to declare a loan in 2020 income tax. The loans represent the salvation of individuals and companies in various moments of financial complications. It can be an accumulation of overdue bills, the need for an unexpected retirement, an illness in the family, etc. On the other hand, many people apply for loans because they want to have fun, buy something of value, or take a vacation. Anyway, credit lines are easily found in the financial market: just look for specialized institutions, such as cooperatives or banks.
It is such a common financial service that banks allow you to request it at any ATM or Internet banking. Those with bank requests and account holders can also apply for their loan with a few clicks. However, this transaction cannot be left out of the tax return, which is a way for the IRS to know if everyone (individuals and companies) is respecting tax collection.
Everything that is subject to taxes, that is, that generates tax collection, must be declared in income tax. Therefore, one must immediately learn how to include this data in the return to avoid a charge of tax evasion.
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Is it necessary to declare each loan?
Yes, any type of loan from R $ 5,001.00 onwards must be included in corporate and individual tax returns. It can be an exclusive MEI loan, a student line of credit, a personal loan, it doesn’t matter.
It should be noted that it is also not relevant if the loan was requested from a financial company or a traditional bank. In any case, once the amount reaches R $ 5,001.00, it is a crime not to make the declaration.
How to Declare Income Tax Loans
The tax return form is part of the IRS program and has several forms, each one for a type of tax or expense that the taxpayer wants to deduct.
Therefore, one must learn what is the correct way to declare loans: it is what is identified as “Debts and liens”. Although the loan is considered an amount that enters the taxpayer’s “cash”, it is classified as a debt because it will be necessary to pay the installments to the financial company or the bank.
After reaching this form, you must select the type of institution with which the loan was contracted; the options are “Credit Society” (independent financial companies) and “Commercial Banking Establishment” (represents bank branches).
You must identify the financial company or the bank with your CNPJ number, as well as mention the total amount of the loan. It should be noted that there is a base date on each tax return and that the form will ask for details about what the loan was like at that time.
For example: who applied for a loan in 2019 and paid it five times, ending before the base date, must indicate that the loan was “paid” in that period.
Internal income transferred to June the final date of the tax return
Due to the pandemic Brazil is currently experiencing, the IRS has determined that tax returns can be made until the last day of June.
This measure aims to keep people at home as much as possible, without having to go to accountants or try to solve problems with the IRS. In addition, accountants are also preserved with respect to their clients: many are protected due to social isolation.
Finally, extending the income tax delivery period until June prevents taxpayers from trying to file on their own, without experience, and ending up wrong when providing data.
The consequence of this is always a fine, which would be very bad for citizens who are already suffering financially from COVID-19 reflexes.
Therefore, it is worth reinforcing: the income tax, now, must be delivered before June 30.
Can I declare a loan of less than R $ 5,000.00?
There is no problem in declaring a loan on the tax return that is less than R $ 5,000.00. In fact, various taxpayers choose to do this for a variety of reasons, such as convenience: it is easier to declare all debts rather than separate them and risk making mistakes.
Therefore, declaring something that is not mandatory has no consequences. The problem is always the opposite, that is, not mentioning something that is taxable on the return.
Federal income program
The 2020 version of the tax return program is at this link here.
Taxpayers can choose whether they want to file their tax using a mobile device or prefer the desktop process.
Simply download the appropriate version of the program and find the farmer’s cash book at the link.
We hope this information is relevant to you. You will now have time to organize your return.
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image: Marcelo Ricardo Daros via Shutterstock
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