- October 6, 2017
Forget about the deadline for 8849 tax due blogs and remainders aside? Today let us discuss IRS Form 8849, An Application for Claims and Refund of Excise Tax in this article. Form 8849 comes with various schedules and let us throw some light on the schedules and their purpose to have a deep knowledge of it.
What is IRS Form 8849?
IRS 8849 Form is an application to claim a refund on the excise taxes reported to the IRS. This form is further divided into various schedules for different claims that include schedules 1, 2, 3, 5, 6, and 8.
Excise Tax Claim Schedules
Schedule 1:
The purchaser of gasoline, liquefied petroleum gas (LPG), aviation gasoline, kerosene (other than kerosene used in aviation), diesel fuel, and kerosene used in commercial aviation, claim Schedule 1 by filing a refund.
Requirements of Schedule 1:
- Claims placed for the fuel used for the nontaxable purpose only.
- 1 claim per quarter is permitted.
- The minimum amount for filing a claim must be at least $ 750.
Schedule 2:
Vendors who are registered for undyed kerosene, undyed diesel fuel, and kerosene used in aviation, aviation gasoline, and gasoline can file Schedule 2 in order to claim a refund. A registered vendor must hold a registration number while filing Schedule 2.
Requirements of Schedule 2:
- Those mentioned fuels, which is sold during a period of at least 1 week.
- The claim amount must be at least $ 200 and for some fuel, the minimum amount is $ 100.
Schedule 3:
Requirements of Schedule 3:
- The person who must be registered with the IRS.
- The claim must be for alternative fuel sold or used during a period of at least 1 week.
- The claim must be at least $ 200 unless it is filed electronically.
Schedule 5:
The individuals who paid and reported a section 4081 tax to the government on taxable fuel use file schedule 5 in order to claim a refund of tax. It is important to know that, if two taxes are paid on the fuel for which the claim is filed, then the claim for refund of the 2nd tax must be made.
An individual who reported Form 720 previously and paid the 2nd tax to the government qualifies to claim a refund.
Requirements of Schedule 5:
File the claim within 3 years from the time the second tax is filed or 2 years from the period the second tax to the government, whichever is later.
Schedule 6:
Claim a refund on Form 2290, 720, 730, and Form 11-C through Form 8849 Schedule 6.
Requirements of Schedule 6:
File the claim within 3 years of the filing of the return to which the claim relates or 2 years from the reported tax on that return was paid, whichever is later. Under schedule 6 we can claim the refund of excise tax forms such as Form 720, Form 730, Form 2290, and Form 11-C.
Schedule 8:
Registered Credit card Issuers can file a claim for refund or payment of tax paid on certain sales of taxable fuel such as kerosene, gasoline, and diesel fuel under Schedule 8 to the state and local government and certain sales of gasoline to non-profit educational organizations. Therefore, the purchasers must use the credit card during the purchase that is issued by the state or local government or non-profit educational organization by the credit card issuer making the claim.
Requirements of Schedule 8:
- Taxable fuel sold during a period of at least a week can be claimed.
- The claim amount must be at least $ 200.
- An individual must file a claim by the last day of the 1st quarter following the earliest quarter of the person’s income tax year, which is included in the claim.
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