Transferring Your 2290 to a New Vehicle – HVUT Form 2290

Truck owners are expected to file Form 2290 with the IRS for their heavy vehicles that have a gross taxable weight of 55,000 pounds or more. But when they have purchased a new vehicle or have swapped a new vehicle, it is required for them to transfer Form 2290 and it is very much possible and easy to do with the HVUT Form.

Transfer Form 2290 from the old vehicle to a new vehicle

There are three possibilities when the truck owner wishes to transfer their Form 2290 for the old vehicle to a new vehicle. They are, 

  • The vehicle is sold and is no longer under the self-possession of an individual for which the taxes were paid in full in advance.
  • The vehicle has been stolen but the owner paid the full tax in advance
  • The Vehicle is not in operation owing to mechanical failures and has been declared to be unusable officially.

If these reasons are postulated for the claim, it is possible to claim credits on the tax for the period for which the vehicle remained unused and for the period in which the taxes were paid in full and in advance. The Truck owners can either opt for a credit adjustment or get the money back.

Getting a credit Adjustment in Form 2290

If the owner of the heavy vehicle has replaced the stolen or the broken down vehicle for which he has paid the full tax in advance, then he can make use of Form 2290 to claim credit adjustment. They have to report the new vehicle to be eligible for a pro-rated tax period based on the first used month of the vehicle under the section of taxable vehicle section, and under the suspended vehicle section that offers credits for vehicles that have been used under 5000 miles. The limit is however 7500 miles for agricultural vehicles.

Getting a refund on the tax paid:

If the truck owner has not replaced the stolen or broken down vehicle but intends to get the money that he has spent on the tax back for the unused months of the subjected vehicle, then they can make use of the Form 8849 Schedule 6 to raise a refund request. The IRS will be mailing the refund check within 21 business days if the claim has been accepted by them successfully. 

Step by step process in transferring From 2290 to a new vehicle

It is possible to easily transfer the tax credit filed through Form 2290 to a new vehicle by e-filing the form through Tax2efile. You simply have to create an account with Tax2efile and file Form 2290, claim credit for the vehicle in the same form, and get the stamped copy of Schedule 1 in the mail within ten minutes. Here are the step-by-step directions.

  • Create a login account with Tax2efile at its ETax2290 portal. Enter the vehicle identification number and the business information to start E-filing.
  • Enter the details of the vehicle, its VIN, gross weight, and skip to the credit vehicles detail page. 
  • The next step is to enter the details of the credit vehicle and the IRS will render the prorated refund tax on the HVUT vehicle for which the tax has been paid in full and in advance. 
  • Enter the VIN, weight of the vehicle, and the details of the loss event. If the vehicle has been sold, the sales bill has to be furnished.
  • Select the payment option and select transmit. 
  • The IRS will receive the new Form 2290, and when it accepts it, it will send the stamped Schedule-1 copy in main within minutes.

With Tax2efile, the process of transferring Form 2290 to a new vehicle becomes simple and can be done in minutes. And our customer support team will always be ready to assist you in the process.