As per IRS, all vehicle owners that own trucks weighing 55,000 pounds or more must file 2290 form online or manually and pay HVUT tax. This is the most important type of tax if you are into the trucking business.
If the owner of the vehicle has not filed the 2290 tax return before the due date, he is not supposed to use the truck. Once the truck owner successfully finishes the filing procedure, he/she will receive an IRS stamped Form 2290 Schedule 1 copy which would act as proof of the tax payment.
Form 2290 Schedule 1 copy
Form 2290 Schedule 1 copy is an Internal Revenue Service (IRS) issued document which acts as proof that the registered owner of the vehicle has paid Heavy Vehicle Use Tax (HVUT).
Once the return submitted by the vehicle owner gets processed by the IRS, two copies of Schedule 1 will be created. Out of which, one will be given to the owner and the other will be kept by the IRS for record purposes.
How will the registered owner get their Schedule 1 copy?
The Schedule 1 is the proof of the payment of the tax paid under form 2290 and it is important for the taxpayer to get the copy of the same. In case you are e-filing the return, you will be able to get the Schedule 1 copy immediately. But in case of offline return filing, it will take around six weeks to get the Schedule 1 copy.
Purposes of Form 2290 Schedule 1 Copy
The following are the purposes of the Scheduled 1 copy:
- The user can report the suspension of heavy vehicle use tax using Form 2290 Schedule 1.
- This document can also be used in the verification of the Highway vehicle use tax.
- If a user overpaid tax on their taxable truck, then they can use the Schedule 1 copy to claim refund.
- It can also be used to renew the registration of the vehicle and tag at the Motor Vehicle Department.
- The owner can also utilize this form to lease their
What information does the owner have to furnish to receive Form 2290 Schedule 1 copy?
The vehicle owner has to furnish the following details to receive their Schedule 1 copy
- Employer Identification Number (EIN)
- Name of the Business and address
- First Use Month (FUM) of the vehicle
- Vehicle Identification Number (VIN)
- The taxable gross weight of vehicle
- Details of suspended vehicles (if there’s any)
Instructions For Printing Form 2290 Schedule 1 Copy
The registered vehicle owner must always carry a printed copy of the stamped Schedule 1 in his/her vehicle. It is important to follow the below instructions while printing the Schedule 1 copy:
- It is advisable to print more than one copy of the stamped Schedule 1 of form 2290.
- Make sure that the IRS watermark and the date of the receipt of the document are both legible.
- Make sure that they use darker print colors while printing the document in case the imprinted watermark is not legible.
- It is also advised that the userhave a copy of the downloaded stamped Schedule 1 on his/her mobile phone.
When will the registered user have stamped Schedule 1 copy?
As it is clear, that it is the proof of the tax payment so one can only get the Schedule 1 copy once they file their return. The time when the registered user can get the Schedule 1 copy is dependent on the mode of their filing return. You can download the stamped Schedule 1 copy just after filing your return in case of e-filing.
What if the owner misplaces or loses the stampede Schedule 1 copy?
In case, you have misplaced or lost your Schedule 1 copy, then you have to log in to your account again and download the watermark stamped Schedule 1 copy. This procedure is easiest in case of e-filing whereas in manual filing you have to wait for longer to get your stamped Schedule 1 copy again.
Who should possess the stamped Schedule 1 copy of Form 2290?
This document is considered to be the most important for the ones who come under the tax liability of Form 2290. This document is required in case of verifications by the inspectors, so this should be present in your vehicle all the time. As in case of verification or inspection, it can be presented immediately.
The above information makes everything clear about the Form 2290 stamped Schedule 1 copy. Being a responsible citizen, you must file the Form 2290 return in order to get the proof of payment in the form of Schedule 1 copy.
