We’re back, Trucking Nation, with even more information on the what, when, why, and how of E-filing your
Form 8849 for refunds.
Now that you know you can get a refund for being under the mileage limit, you may still have some more questions about your refund. And, that’s what we’re here for! So, let me break it down for you.
When should I make a claim & What types of credits can be claimed?
Form 8849 offers a variety of schedules that you can file for, but one of the most common is the Schedule 6. Under the 8849 Schedule 6, you can file for three different types of refund credits:
- Stolen, Sold, or Destroyed Vehicle
- Suspended Vehicle, or a vehicle that drove less than the mileage limit (5,000 for regular heavy vehicles and 7,500 for agricultural vehicles)
- Overpayment on Form 2290
If you have experienced any of these situations during the tax year, then voila! You qualify for an HVUT refund!
What should I know before claiming a credit?
Before claiming a credit, you should know what does and does not qualify for a refund, as well as what information you will need in order to make a claim.
Listed in the previous section is a breakdown of the three credits you can claim and when you should make that claim. However, before you can do that, there is some information you need about your vehicle.
Before you make your claim, you should know:
- Your company’s tax year month end
- Your VIN
- First-used month
- Gross vehicle weight
Any relevant dates (if the vehicle was sold, stolen or destroyed you will need to know that date, and if you are claiming overpayment you will need to know the date of overpayment.)
Now that we’ve gotten all that out of the way, you may have questions about what doesn’t qualify for a refund. Well, you are not eligible for a refund when:
You sometimes operate at a lower gross vehicle weight than initially reported.
You used your vehicle for only part of the year. How often you’ve used the vehicle or how many months it was in use does not matter if you’ve exceeded the mileage limit.
Sold, Destroyed, and Stolen Vehicles
If your vehicle was sold, destroyed, or stolen during the tax year, you may be wondering just how to calculate refunds for that specific return. As always, here at ExpressTruckTax, we’ve got your back.
When you enter your information with us, we calculate the prorated tax for you! No muss, no fuss, no partial period tax tables! Just ExpressTruckTax doing what we do to make your life easier.
How do I handle overpaid 2290 taxes?
Since the credit claimed cannot exceed the tax reported on Form 2290, any excess credit must be claimed using Form 8849. So, if you’ve paid too much, you can get that money back!
And, when you use ExpressTruckTax to E-File your Form 2290, if your credit exceeds tax due, our program will automatically generate the Form 8849 for you! That means, there’s no need to enter any additional information because we’ll do it for you!
If you need step-by-step instructions on how to E-File for either one of these claims, refer to our previous blog about Claiming Low Mileage Refunds.
How Will I Get My Refund?
Good question! Once the IRS receives your information, it can take 4-6 weeks for them to process your refund. Then, once everything is in order and squared away, the IRS will mail a check to your home address.
So, register with ExpressTruckTax today and on June 1 you’ll be ready to start E-filing for your refund! With 4-6 weeks to wait, there’s no time to waste. Not to mention, you only have until June 30th to E-file for your Form 8849. After that you’ll need to file a Form 2290 with a credit vehicle.
We hope we answered all of your questions, Trucking Nation! But, if you have more give our dedicated support team a call at 704.234.6005 or e-mail us at support@expresstrucktax.com for 24/7 support!
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