How to deal with overpaid Form 2290 HVUT?

Did you overpay 2290 taxes for the same vehicle? You can claim a credit against overpaid Heavy Vehicle Use Tax for the same vehicle. The taxpayers must explain the reason for the overpayment of tax dues to the IRS to claim the credit.

Getting confused? Don’t worry! We will let you know about how to deal with overpaid Form 2290 Heavy Vehicle Use Taxes. We also provide information about the process to claim credit online. Moreover, you’ll get to know why to file Form 8849 to claim the credit. Finally, know the circumstances to file Form 8849.

irs form 2290 hvut

What do you mean by overpayment of Heavy Vehicle Use Tax?

Generally, the major contribution to support and for the growth of the country was made possible through “trucking”.  In certain scenarios, the taxpayers overpay their taxes unintentionally. Paying 2290 excise tax for the previously paid 2290 vehicle in the same tax year is considered as an overpayment of HVUT. Some common mistakes that lead to overpayment of Heavy Vehicle Use Tax are:

Choosing the wrong weight of the vehicle

When you choose the wrong weight category by mistakenly, you’ll be charged with a higher tax amount than you suppose to pay. For instance, if you’re vehicle weighs 55,000 pounds. But when filing Form 2290 you have mentioned the weight of the vehicle 55,000 – 75,000 pounds. You need to pay 100 plus $22 per increase over 55,000 pounds.

Incorrect First Use Month

You may face an overpayment of 2290 tax when you choose the wrong First Use Month of the vehicle.

Filing Form 2290 with wrong tax year

If you file Form 2290 with the wrong tax year, EIN, or business information, you may require to correct the tax return and pay 2290 tax.

How to claim overpaid 2290 taxes online?

To claim a tax overpayment refund credit, you must file Form 8849. Follow the below steps to file Form 8849:

  •       Log in to your e-file account in which you have filed Form 2290. If you paper-filed Form 2290, then signup with an IRS certified e-file provider by providing an email address, phone number.
  •       After login into your e-file account, Click on Form 8849 and start filing a new return.
  •       Next, choose the ending of your vehicle’s tax year.
  •       Key in the required vehicle information on the overpayment of taxes page.
  •       Ensure to provide the reason why you overpaid 2290 taxes.
  •       Double the information you’ve provided and transmit it to the IRS.

Why you should file Form 8849 to claim overpayment HVUT?

When you file IRS Form 2290 with wrong information, or incorrect gross weight, tax year, then you need to correct the error. To correct the errors, you must file another Form 2290 with the IRS. If you file another tax form with the same VIN and business information, the IRS may reject the return for a duplicate filing. So, you must file Form 8849 to report that you’ve filed Form 2290 with the wrong information. Additionally, you can claim credit for overpaid tax dues with the correct information. Once the IRS accepts your Form 8849, you can file Form 2290 with the correct information. Furthermore, the IRS will mail the refund check within 4-6 weeks of the date you transmit your return.

How to request a credit against overpaid 2290 tax?

The taxpayer can request the credit against overpaid 2290 tax, by filing Form 8849 and explaining the reason for the overpayment. When you’re filing Form 8849, you can find “the Explanation to the IRS” field on the Form. Explain why you are claiming a refund on your Heavy Vehicle Use Tax amount in that field. For instance, if you made a mistake while filing Form 2290 regarding the weight of the vehicle, then mention “Incorrect gross weight” in this field.

When do you file Form 8849?

As mentioned earlier, Form 8849 is not only used to claim overpaid tax dues but also used to claim refunds against credit vehicles, low mileage vehicles. The vehicles which are transferred, stolen, damaged whose HVUT can be claimed are considered credit vehicles. The credit for these vehicles is assessed depending upon the date of occurrence. You can claim a credit against these vehicles on next Form 2290 or by filing Form 8849.

The vehicles which travel less than 5,000 miles after filing Form 2290 are considered as low mileage vehicles. You can get the HVUT paid after completion of the tax period for which the payment was made.

Form 2290 filing is accepting 2290 returns for the tax year 2021-22. Hurry up! File Form 2290 with us and get free from HVUT penalties. Hassle-freely avoids last-minute errors by e-filing 2290 Tax Forms with us. We eliminate last-minute errors with instant audit checks.

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