Form 2290 (2020)

What Is Form 2290 2020

Form 2290 2020 is a United States federal tax form truckers and trucking businesses use to calculate and pay the Heavy Highway Vehicle Use Tax (HVUT). This tax applies to trucks, truck tractors, and buses with a gross weight of 55,000 pounds or more that operate on public highways. The revenue collected from this tax is used for highway construction and maintenance projects.

When to Use IRS Form 2290 2020

There are several situations in which one might need to file IRS Form 2290 2020:

• You are the owner of a highway motor vehicle weighing 55,000 pounds or more.
• You have a fleet of heavy vehicles required to be registered in your name under state, District of Columbia, Canadian, or Mexican law for the tax period.
• Your vehicle's taxable gross weight increased within the tax period and fell into a new category.
• You acquired a second-hand vehicle for which the tax has been suspended, and you are using it for purposes other than those allowed under a suspension.
• During the reporting period, a suspended vehicle exceeded the mileage use limit of 5,000 miles (or 7,500 for agricultural vehicles).

How To Fill Out Form 2290 Instructions 2020

Filing Form 2290 can be straightforward if you follow these step-by-step instructions:

• Provide identification details such as your Employer Identification Number (EIN), name, and address.
• Enter the Vehicle Identification Number (VIN) of each taxable vehicle.
• Determine the tax period for which you are filing and check the applicable box for the month the vehicle was first used during the period.
• Calculate the tax based on the taxable gross weight of each vehicle. The form provides a Tax Computation table to help you determine the amount owed for each category.
• If applicable, claim a credit for any tax paid on vehicles sold, destroyed, stolen, or used within the mileage use limit.
• Calculate the additional tax owed if reporting an increase in taxable gross weight.
• Sign and date the certification, indicating that all information provided is true and correct.
• If required, attach the Schedule 1, which lists additional vehicles.

When to File Form 2290 For Year 2020

The due date for filing Form 2290 for 2020 is determined by the month when the taxable vehicle was first used on public highways during the tax period. For vehicles that were in use at the start of the tax period in July, the form must be filed by August 31, 2020. For those vehicles that were not in use in July but began to be used during the tax period, the form is due by the last day of the month following the month of first use. Heavy highway vehicle owners must comply with the HVUT deadlines to avoid penalties and interest.

Please remember that filing accurately and on time helps maintain the nation's infrastructure and your business's compliance with federal laws.