Well, if you’ve filed with us already, you may have noticed “Final Return” where you have to enter the date when you used your vehicle for the first time and filing year. But what is exactly means “Final Return” and what happens when you select that option?
Are your brain wired with questions? Well, leave it on us, we shall tell you all that you are waiting to hear.
In the past, selecting “final return” on your 2290 meant that you could no longer e-file your HVUT, but now the IRS wants you to select “Final Return” when you no longer have a vehicle to e-file for.
Whether your vehicle has been sold, stolen, or destroyed, if you no longer have a Heavy Vehicle to e-file for, you should choose “Final Return”. And in the event you find yourself with a new vehicle and able to file your HVUT again, all you have to do is e-file normally.
“Final Return”- Locate it!
At the beginning of your return, after you enter your business information, and select your filing year, you’ll find an option to select “Final Return” at the bottom of the page. You need to select this option only when you no longer have a vehicle to file for.
If this is not your final return, simply file your return as usual.
Is It Any Different than Filing Normally?
Filing for your final return will be the same as filing from year to year, with the small difference of selecting “Final Return,” and adding a credit vehicle instead of a suspended or taxable vehicle.
Reporting Stolen, Sold, and Damaged Vehicles
When you file your return, there’s a whole section dedicated to credit vehicles. These are vehicles that were sold, traded in, lost, or destroyed during the tax year. If this is your final return, you’re only going to be entering a Credit Vehicle.
Once you select “Credit Vehicle” section of your return, simply add your vehicle information. You will need to know your VIN, first-used month, gross-vehicle weight, and whether your vehicle was used for logging.
Then it’s time to indicate your “TYPE OF LOSS.” These event reasons come in the form of a drop down menu and all you have to do is select the reason you no longer have your vehicle. Was it sold, destroyed, or stolen? You choose the authentic reason and continue.
If the vehicle was sold, you will need the information of the person you sold it to in order to file your return. Then just add the date this event happened for that specific loss event, and move onto the next part of your return.
So if you are filing this tax season 2015-16, you have just 9 days in hand. The countdown has already begin and if you delay, you will land up with penalties. and we know, no one can entertain interest and late filing penalties. Come join hands with Tax2290.com and experience the magic in minutes. You’ll have your schedule 1 copy in your hands within minutes, once IRS approves your return. What else you need?
And, if you need any, help with e-filing or have questions about when to select your final return, our dedicated support folks are here for you. Just give them a call at 866-245-3918 or send them an email at firstname.lastname@example.org for 24/hour support.