Did you pay Heavy Vehicle Use Tax online? Have you received IRS watermarked Schedule 1? According to the IRS, filers receive IRS stamped Schedule 1 instantly when filed electronically. The prominence of IRS Form 2290 Schedule 1 in the trucking industry must know by every trucker.
Getting confused about what is Schedule 1? Don’t worry! We will let you know about the prominence of IRS Form 2290 Schedule 1. We given information about the steps to get Schedule 1 within minutes.
Overview of Form 2290 Schedule 1
Form 2290 Schedule 1 acts as proof of payment of Heavy Vehicle Use Tax which the truck owners pay to the IRS. IRS Form 2290 must file every year by the truckers who use taxable vehicles on public highways by paying road tax. Additionally, the truck owners use the form to report information about the vehicles which fall under the suspension category.
After filing the Form and paying truck taxes to the IRS, the IRS processes 2290 tax returns by sending back the copy of Stamped Schedule 1 to the trucker. Thus, the IRS stamped copy of Form 2290 the truckers receive is known as “Form 2290 Schedule 1”.
What information is required to get Form 2290 Schedule 1?
The truckers who register the heavy vehicles using Form 2290 and pay truck taxes require the below information to get Form 2290 Schedule 1:
Business name and address
The trucker who is filing Form 2290 must provide the name of the organization which is operating a business using heavy vehicles on public highways. Along with the name, provide the address where the organization is located.
Employer Identification Number
Provide the EIN of the person who is filing the Form. EIN plays a major role as it is a unique identification of a person or an organization. So, every truck owner must be careful when entering EIN on the HVUT return form.
First Use Month of the vehicle
The FUM of the vehicle is the month in which the trucker purchased a heavy vehicle and started using it on public highways. It used to calculate taxes which is to be paid for a tax period. With the help of the First Use Month of the vehicle, the truck owners file Form 2290 to the IRS.
Vehicle Identification Number
A VIN is a 17-digit unique identification number present on every vehicle. It is used in the registration process of heavy vehicles with DMV. As we know, VIN is a distinctive code given to every vehicle. This means no two vehicles will have the same VIN. The IRS uses VIN to identify fraudulent claims and control fraudulent activities. Therefore, the truck owner must make sure when entering the VIN on the Form.
Category of the vehicle
Include the category of the vehicles in filing Form 2290. This includes the taxable vehicle category, and the suspended vehicle category. The heavy vehicle with a gross weight of 55,000 pounds or more fall under the taxable vehicle category. Calculate and pay the road tax for taxable vehicles. The vehicles which weigh less than 55,000 pounds fall under the suspended vehicle category. File form 2290 and there is no HVUT imposed on suspended vehicles.
Steps to get Form 2290 Schedule 1
Truck owners who file Form 2290 electronically can get IRS stamped Schedule 1 easily within few steps:
Enter the business information
The truck owners need to enter the business information by login in or sign up with the IRS authorized e-file provider service. This includes the name of the business, type of the business, and address.
Enter the vehicle category
Choose the vehicle category when filing the HVUT return form. Determine the vehicle category by taking the taxable gross weight of the vehicle into consideration.
Review the filled-out form
The most important which if you avoid may lead to HVUT Form 2290 rejection is to review the filled-out form. Before transmitting the form to the IRS, the trucker needs to recheck the form thoroughly.
Submit to the IRS
Lastly, submit the filled-out Form to the IRS within the Form 2290 due date. When you are filing a form for newly purchased heavy vehicles, the due date depends on the Frist Use Month of the vehicle. The forms submit annually to the IRS by August 31st every tax year.
Get your Stamped Schedule 1
Compared to paper filing, e-filing Form 2290 to the IRS allows the truck owners to receive IRS stamped Schedule 1 within minutes.
How to get your 2290 Form Schedule 1?
Given below are the different form in which you can get your 2290 Form Schedule 1:
When you choose to file Form 2290 electronically and pay truck taxes through direct debit or EFTPS method, the IRS sends back a copy of stamped Schedule 1 instantly to the registered email address. Or else the truck owner can download the copy of Schedule 1 by logging into the e-file account easily.
The truckers can also get a copy of IRS watermarked Schedule 1 through fax. Instantly receive Schedule 1 through fax by choosing to file Form 2290 electronically. E-filing also allows the truckers to receive the copy through fax by providing a fax number.
The truck owners who choose to submit the form using the traditional method receive Schedule 1 through postal mail. This may take nearly 4-6 weeks for the IRS to send back the copy of stamped Schedule 1 to the truck owner.
What to look into HVUT Form 2290 Schedule 1?
The trucker who files form 2290 online receives a copy of Schedule 1 within minutes. In such cases, the trucker needs to consider the below points to identify Schedule 1 as a valid one:
IRS E-file watermarked logo
The IRS sends back Schedule 1 after accepting Form 2290 which filed electronically by providing a watermarked logo on it. The truckers who choose to submit HVUT returns electronically must check the received Schedule has the “IRS e-file watermarked logo” on it.
Along with the IRS logo, the truck owner must check the date provided in the receive Schedule 1 copy is a valid one. The data provided on the copy reflects when the IRS actually processed the Form.
Uses of IRS Stamped Schedule 1
Following are the uses of IRS stamped Schedule 1:
To the truckers
The truckers use IRS Form 2290 Schedule 1:
- To lease or contract a truck.
- Renew vehicle registrations at the Department of Motor Vehicles.
- To claim refunds on overpaid tax dues on taxable vehicles.
- In reporting suspension of the truck tax.
- To verify payment of highway tax.
To the IRS:
The IRS uses the information provided in the Form 2290 Schedule 1 to check whether the truckers are paying road tax correctly or not. Along with it, Schedule 1 uses to control scammer activities.
Are you thinking to file HVUT returns electronically? Then choose an IRS-authorized e-file provider like “Form 2290 filing”. We allow the trucker to file Form 2290 online quickly and receive Schedule 1 within minutes through email. Additionally, the information you have provided is safe and secure with 256-bit security encryption.