Have you purchased a new truck or swapped vehicles? Do you need to transfer your form 2290 from your old truck to a new one? Know that you can do it with a few simple steps!
The tax period of your vehicle is calculated based on the vehicle’s first used month. So, if you purchased a new vehicle, you need to file a 2290 tax form and pay a Heavy Vehicle Use Tax (HVUT) return by the end of the next month.
For example, if you have purchased a vehicle in October and need to transfer your form 2290 to the new truck, you need to do it by 30th November.
It may seem like you’re crunched for time, but there is still enough and more time for you to transfer your 2290. In fact, you can do it in just 10 minutes.
Here’s How You Do It
You can transfer your form 2290 by e-filing a new form 2290 for the new vehicle and claim credit for the old vehicle under the credit vehicle section. You will get your new form 2290 Schedule 1 in minutes. Now let’s look at the step-by-step process of how it’s done.
Step 1: Create an account on an e-filing service provider’s website. If you already have an account, log in by entering your details. You will need to enter your name, business information, and EIN.
Step 2: To start e-filing, click on the form to file and enter the first used month of your vehicle. The first used month is the month you drive your new vehicle the first time on public highways.
Step 3: Enter the taxable vehicle details for your new vehicle. The information would include your VIN and the gross weight of your vehicle. Also, specify if it is a logging vehicle. Save the information and skip to the page of credit vehicle information.
Step 4: Next, enter the information about the credit vehicle. This will help you receive a prorated refund on your previously paid HVUT tax. Enter the VIN, gross weight of the vehicle, and loss event.
Under the loss event, you will be able to specify if your vehicle was stolen, destroyed, or sold and provide the necessary evidence to substantiate your claim. For example, if you sold your vehicle, you will need to add a bill of sale.
Step 5: Once you have reviewed all the information entered, make the payment and click on transmit. The IRS will process your return, and you will receive your new stamped Schedule 1 within minutes.
Some people confuse getting a credit adjustment and a refund. You can get a credit adjustment on your form 2290 by following the above steps.
However, if your vehicle was stolen, destroyed, or sold, and you have decided not to replace it with a new vehicle, you can claim a refund for the HVUT payment done for the tax period. In this case, you can get a prorated refund by filing form 8849 Schedule 6.
You can easily transfer your form 2290 to a new truck by claiming a credit for your old vehicle in the same form. This way, you can file your Form 2290 for the new truck and simultaneously get a credit adjustment (for the old vehicle). So what are you waiting for? Transfer your 2290 form to the new truck now!