If you own a highway motor vehicle with a taxable gross weight of 55,000 pounds or more, you may be required to file Form 2290. This form reports and pays taxes on heavy highway motor vehicles used during the period.
Here are some general instructions for Form 2290:
1. Purpose of Form
Form 2290 is used for several actions related to heavy highway motor vehicles. These include:
- Paying tax due on vehicles with a taxable gross weight of 55,000 pounds or more.
- Paying tax due on vehicles that exceeded the mileage use limit after being suspended from tax on another Form 2290.
- Paying tax is due when a vehicle’s taxable gross weight increases and it falls into a new category.
- Claiming suspension from the tax for vehicles expected to be used 5,000 miles or less (7,500 miles or less for agricultural vehicles) during the period.
- Claiming credit for tax paid on vehicles destroyed, stolen, sold, or used 5,000 miles or less (7,500 miles or less for agricultural vehicles).
- Reporting acquisition of a used taxable vehicle for which the tax has been suspended.
- Paying tax due on a used taxable vehicle acquired and used during the period.
2. Schedule 1 (Form 2290)
Schedule 1 reports all vehicles for which you are reporting tax, including an increase in taxable gross weight, and those that you are reporting suspension of the tax by category and vehicle identification number (VIN). This schedule is also used as proof of payment to register your vehicle(s) in any state unless specifically exempted.
3. Form 2290-V
Form 2290-V accompanies your check or money order when paying your heavy highway vehicle use tax. This form is used to credit your tax payment to your account. If filing electronically, see How To Pay the Tax later.
4. How to File
You can file Form 2290 electronically or by mail. If you file electronically, you will receive your Schedule 1 immediately after the IRS accepts your return. If you file by mail, you will receive your Schedule 1 after the IRS processes your return and payment.
5. When to File
Form 2290 must be filed annually, with the tax due by August 31st. For example, if you acquire a new vehicle during the year, you must file Form 2290 and pay the tax by the last day of the month following the first use.
6. Penalties for Late Filing
If you fail to file Form 2290 by the due date, you may be subject to penalties and interest on the amount due. The penalty for filing late is 4.5% of the tax due, assessed monthly for up to five months.
Summary
Form 2290 is an important form for owners of heavy highway motor vehicles. Following this form’s general instructions, you can ensure that you comply with IRS regulations and avoid any penalties or interest on late filings. Remember to file annually by August 31st or by the last day of the month following the month of first use for new vehicles, and keep your Schedule 1 as proof of payment for vehicle registration in any state.
Tags
E-filing 2290 (3) File From 2290 (1) Form 2290 (7) Form 2290 amendment (1) Form 2290 Penalties (1) Form 8849 (1) Free VIN Correction (1) General Instructions (1) HVUT (2) IRS From 2290 (4) IRS regulations (3) Stamped Schedule 1 (1) Vehicle Identification Number (1) VIN correction (1) VIN Correction Online (1)