Form 2290 Tax Brackets 2024
Understanding the Form 2290 Tax Bracket of 2024
Heavy Vehicle Use Tax is an annual tax that truck owners operating vehicles with a gross vehicle weight of 55,000 pounds or more in the United States have to pay. The tax is filed on Form 2290, and it's paid based on the weight of the vehicle. Below is the detailed breakdown of Form 2290 tax brackets for 2024:.
What is the Tax Form 2290 Bracket?
The tax form 2290 bracket is primarily computed using the gross weight of the vehicle, which includes its unloaded weight, the weight of the trailer, and the maximum load customarily carried by the vehicle. The heavier the truck, the higher the tax rate.
Here are the 2024 tax rates for all weight classes in a table below.
| Vehicle Gross Weight (lbs) | Taxable Gross Weight Category | Annual Tax (USD) |
|---|---|---|
| 55,000 – 55,999 | Category A | $100 |
| 56,000 – 57,999 | Category B | $122 |
| 58,000 – 59,999 | Category C | $144 |
| 60,000 – 61,999 | Category D | $166 |
| 62,000 – 63,999 | Category E | $188 |
| 64,000 – 65,999 | Category F | $210 |
| 66,000 – 67,999 | Category G | $232 |
| 68,000 – 69,999 | Category H | $254 |
| 70,000 – 71,999 | Category I | $276 |
| 72,000 – 73,999 | Category J | $298 |
| 74,000 – 75,999 | Category K | $320 |
| 76,000 – 77,999 | Category L | $342 |
| 78,000 – 79,999 | Category M | $364 |
| 80,000 or more | Category N | $550 |
Note : The rates may subject to change. please refer IRS website for more information.
How to Find Your Vehicle's Gross Weight
To determine the correct tax bracket for your vehicle you need to do the following:
- Record Unloaded Weight: Record the unloaded weight of your vehicle and its equipment.
- Add Trailer Unloaded Weight: Add this to the total if using a trailer.
- Estimate Maximum Load: Determine what your vehicle and trailer can take.
- Sum It Up: Add in the weight of the vehicle unloaded, trailer weight and maximum load to get to the gross weight.
Points to Remember
- Prorated Tax: If you start using a vehicle on the highways after the tax period's start date (July 1), your tax is prorated.
- Exemptions: Vehicles that will travel less than 5,000 miles per year (7,500 miles for agricultural vehicles) are exempt from HVUT.
- E-filing Requirement: For you who have 25 or more heavy vehicles, then e-filing is compulsory on Form 2290.
Knowledge of the tax bracket on Form 2290 ensures truck owners avoid paying levies for their failure in tax compliance. When one is aware of how heavy your vehicle is in terms of gross weight, one is better prepared and more confident going into the tax season for 2024 with all this knowledge.
Note: For more information, visit IRS website
