How Many Times Do I Need to File Form 2290?

How Many Times Do I Need to File Form 2290?

As an ​owner of a heavy vehicle, you may be wondering how many times you need to file form 2290 for your new or existing truck​. Here is a handy guide, including some frequently asked questions.

IRS form 2290 is a Federal Excise Tax that is imposed by the IRS on heavy vehicles. Owners of vehicles that have an estimated weight of 55,000 pounds or more need to file and pay the Heavy Vehicle Use Tax (HVUT). This tax is paid annually and is used for the maintenance and construction of highways.

What are the different terms used for Form 2290?

IRS form 2290 is also sometimes referred to as HVUT (Heavy Vehicle Use Tax), Truck Tax, or Highway Vehicle Tax.

Due dates for filing 

Form 2290 has to be filed for each month from a taxable heavy vehicle’s First Used Month (FUM) on the highways. The current period starts July 1, 2020, and ends a year later on June 30, 2021.

Usually, for a tax year, the filing period begins from July 1st to June 30th of the following year, and it is due by August 31st. If any of the due dates fall on a weekend or national holiday, you can file it by the next business day.

So, August 31st of a current tax year is the last day to file form 2290. For the vehicles that were used from the beginning of the current tax period, the last day to file IRS 2290 would be August 31st.

If I buy another vehicle after e-filing my 2290 for the current period, do I need to e-file my first 2290 again and add the new truck to Schedule 1?

No. In this situation, you have to file a new IRS form 2290, which includes the details of your new truck(s). You can file the new form 2290 before the end of the month when the new truck was first used on the highway.

Can you add a new truck to your existing Form 2290?

If your Schedule 1 has already been accepted and processed by the IRS, then you cannot add a new truck to your existing IRS form 2290. You will have to file a new IRS form 2290, providing the information about your new vehicle.

For example, if your newly bought vehicle is first used in October, the Form 2290 due date for that vehicle is November 30th, except if it falls on a weekend or a legal holiday.

 Are there HVUT penalties for late filing or payment?

Yes, there are. These are the two most common reasons why you may be penalized when you file the HVUT Form 2290.

  • Failing to pay or file taxes by the due date
  • Filing fraudulent or false returns

You will also have to pay additional interest for each month you don’t pay your HVUT tax.

Are you having a hard time making sense of all the tax updates, deadlines, and exemptions? Contact Golden Tax Relief.

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