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Form 2290 Low Mileage Credit

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Form 2290 Low Mileage Credit

Updated on August 27, 2020 - 10:30 AM by Admin, ExpressTruckTax

You can easily claim low mileage credits for your Form 2290 with ExpressTruckTax. We will calculate your low mileage credit accurately and help you claim the exact amount.

1.What is a low mileage credit?

If you file Form 2290 and pay the Heavy Vehicle Use Tax (HVUT), but your vehicle doesn’t accrue more than 5000 miles during the tax year, you can claim the HVUT payment as a low mileage credit. You can use the credits to pay your HVUT the following year, or you can claim a refund on your low mileage credit by filing Form 8849.

2.What is a suspended vehicle?

Any heavy vehicle driven less than 5000 miles (7500 for agricultural vehicles) on public highways during the tax year is considered a suspended vehicle. You are not required to pay HVUT for suspended vehicles. However, you still must file Form 2290 for the vehicle.

Suspended vehicles will be listed as ‘Category W’ vehicles on your Schedule 1. If you pay taxes for a vehicle and it remains suspended for the whole tax year, you can claim a credit for the taxes paid on it.

3.How do I claim low mileage credits using ExpressTruckTax?

There are two ways to claim low mileage credits using ExpressTruckTax.

  • Form 2290 - Use the low mileage credits to pay the HVUT for the subsequent tax year.
  • Form 8849 - Claim a refund on the HVUT paid for the vehicle.

4.How to claim low mileage credits with Form 2290?

If you have low mileage credits, you can use them to pay your HVUT. Here’s how to claim low mileage credits with Form 2290.

  • Log in to your ExpressTruckTax account.
  • Click on “E-file for Multiple Vehicles” under “Start New Return.”
  • Choose your tax year and First Used Month (FUM).
  • Enter the required information about all your taxable vehicles.
  • Provide information about suspended and prior-year suspended vehicles if applicable.
  • Enter the required information about your low mileage credit vehicle.
  • Follow the prompts to complete your return and transmit it to the IRS.

If your low mileage credits are more than your HVUT for the tax year, you cannot claim the excess credit using Form 2290. ExpressTruckTax will automatically create your Form 8849 with the adjusted credits, making it easier for you to claim your refund.

5.How to claim low mileage credits with Form 8849?

Form 8849 Schedule 6 is exclusively made available by the IRS to claim credits for HVUT payments. You can claim a refund for all of your low mileage credits completely using Form 8849 at any time. Here’s how to claim low mileage credits with Form 8849.

  • Log in to your ExpressTruckTax account.
  • Click on “Start Form 8849” under “Start New Return.”
  • Choose the ending month of your tax year.
  • Enter the required vehicle information on the low mileage credits page.
  • Follow the prompts to complete your return and transmit it to the IRS.

The IRS will process your return and mail you a check with your credit amount within 4-6 weeks of the time you transmit your return.


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