Form 2290 requirements to fill out for 2024 tax year

Safe and secure payments

Online filing helps the truck owners to pay the IRS Form 2290 tax safe and secure with advance payment options. The electronic payments are safe and secure when filed through an IRS trusted e-file provider.

Accurately file 2290 returns

Filing 2290 returns online reduces the possibility of errors. With the help of instant audit check, the truckers can minimize the errors and reduce the risk of paying HVUT penalties.

Receive IRS Stamped Schedule 1 within minutes

IRS stamped Schedule 1 is the proof of the truck tax to the IRS which is used to operate business on public highways. When the truck owners file IRS 2290 returns through paper, it may take 4-6 weeks to receive Schedule 1 copy. Compared to paper filing, e-filing processes the returns quickly to the IRS and receives the IRS watermarked Schedule 1 within minutes.

Why to use Form 2290?

IRS Form 2290 helps the trucker to figure out and pay the tax due on highway motor vehicles used during the tax period. It is essential to the organizations who operate heavy vehicles like trucks, tractors, agricultural vehicles on public highways. The IRS uses the information obtained through 2290 return tax form to check whether the truckers are paying taxes correctly or not. This Form is filed once in a year for automobiles weighing more than 55,000 pounds. This Form is used mostly by truck owners and drivers because heavy vehicles cause major damages to the public highways. The tax collected from the truckers, drivers is used by the governments for the preservation, repair and upkeep of the highways and roads.

What are the circumstances to file Form 2290?

Given below are the circumstances to file IRS Form 2290:

Gross weight of the Vehicle exceeds 55,000 pounds

The truckers who purchase a heavy vehicle weighing more than 55,000 pounds to carry out business activities on public highways must file Form 2290. For instance, Smith purchased a heavy motor truck weighing 65,000 pounds. Smith required to file Form 2290 and pay HVUT on using public highways for transportation.

Vehicles travel more than 5,000 miles

Along with gross weight of the vehicle, the mileage limit is also considered to file Form 2290. When the trucker vehicle weighs 55,000 pounds or more and travels more than 5,000 miles, then it is considered a taxable vehicle. Every truck owner is required to file an 2290 return for travelling more than 5,000 miles in a tax period.

Register suspended vehicles to use on public highways

Not only taxable vehicles require Form 2290, but also suspended vehicles must be registered to use on public highways. According to the IRS, vehicles with gross weight less than 55,000 pounds, and travels less than 5,000 miles in a tax year must be reported on Form 2290. There is no tax paid for the suspended vehicle.

Requirements to fill out Form 2290

The basic requirements to fill out IRS Form 2290 are:

Business details

The trucker needs to enter the business details for the vehicle which is used on public highways for transportation. This includes the name of the truck owner, address, and phone number.

EIN or VIN

Employer Identification Number and Vehicle Identification Number play a major role when filling out Form 2290. EIN is a unique 9-digit number assigned to the U.S. individual by the IRS. It is used for identifying the businesses which are filing 2290 Form. VIN is a 17-digit alpha numeric number which consists of both alphabets and numbers. It acts as a fingerprint of a vehicle because no two vehicles have the same VIN. Make sure to enter EIN, and VIN in a correct format. Incorrect VIN or EIN may lead to face the risk of penalties.

Taxable gross weight of the vehicle

The taxable gross weight of the vehicle plays an important role when filing Form 2290. Enter the taxable gross weight on the Form and pay the HVUT. As the weight of the vehicle increases, the highway tax also increases. So, be sure to enter the accurate gross weight of the vehicle when calculating taxes.

Calculation of HVUT on taxable vehicles

The IRS imposes Heavy Vehicle Use Tax on the vehicle when the taxable gross weight of the vehicle is more than 55,000 pounds. The road tax is based on the weight of the vehicle. When the vehicle weighs less than 55,000, then there is no need to pay the tax. The IRS insists the truckers calculate taxes using a tax calculator online to minimize the errors occurred while calculating manually. Enter the FUM of the Vehicle and weight of the vehicle to calculate truck tax online. Below tables gives the trucker a clear view on HVUT taxes based on the taxable gross weight: