Every day we receive calls regarding how to claim tax refund on the Form 2290 for vehicles that were sold/destroyed/stolen. Well it’s easy than you imagined. When you come across this situation, you must remember that you got few options before raising the claim, as a Credit or a Refund?
Well we all know that refund is simply getting your money back option, whereas credits are primarily adjustments which could be utilized during your Form 2290 filing process to lessen and to nullify your tax due that is been paid to the IRS.
There are 3 scenarios by which a vehicle could be entitled to be qualified for Claims:
- When the tax due is overpaid for a vehicle within the same tax year.
- When the Vehicle is Sold/Destroyed/Stolen
- Low Mileage Vehicle Credits
Tax Overpaid Credits/Refunds:
The main reason for an over-payment occurs due to duplicate filings, meaning that you have already filed a Form 2290 for the subjected vehicle, yet you end up filing and paying it all over again for the reason if you can’t find your filed Form 2290 in your records. Applying Credits as such could be used versus the tax due of the 2290 filing that you tend to do anytime during a respective tax year using the Form 2290, for a refund use the Form 8849 Schedule 6 instead.
When the Vehicle is Sold/Destroyed/Stolen
When the subjected vehicle is Sold/Destroyed/Stolen during the respective tax period for which the tax amount is pre-paid full, you may Credits as such could be used versus the tax due of your future 2290 filing. However, use Form 8849 Schedule 6 to get your money back.
Low Mileage Vehicle Credits
This happens when you have pre-paid full tax due to the IRS during a respective tax year and if the vehicle is determined not been used over the mileage limit of exemption, you may either claim a full credit/refund by the following year.
However, all these refund claims are primarily done by Form 8849 Schedule 6, which generally takes up to 21 business days to receive the refund check back from the Internal Revenue Service. Any questions regarding your claims can be dealt with the IRS refund claim department @ (866) 699-4096.
File Form 2290 electronically through an IRS Authorized E-file service provider participating in the IRS e-file program for excise taxes, such as www.Tax2290.com. E-Filing is required by the IRS, if you are reporting 25 or more trucks on a return. For any more questions you may have reach us @ 1-866-245-3918 or write to us @ support@taxexcise.com or Ping them using the LIVE CHAT Option available on the website.