Selling and buying takes place when there is business. Today we are going to throw some light on schedule 8 for form 8849. Without much introduction, we would simply start with the purpose, requirements and other important details for better understanding.
Starting from scratch, we shall discuss about the purpose of Schedule 8 in form 8849.
Purpose Of The Schedule 8:
This schedule is for Registered Credit Card Issuers used by registered credit card issuers to make a claim for refund or payment of tax paid on certain sales of taxable fuel (diesel fuel, kerosene, and gasoline) to state and local governments and certain sales of gasoline to nonprofit educational organizations. Also, the taxable fuel must have been purchased with a credit card issued to the state or the local government or the nonprofit educational organization by the credit card issuer making the claim.
Claims can be made for the fuels mentioned through line 1-5. To make a claim, credit card issuer must:
1. Be registered by the IRS, and
2. Meet the conditions described in the note above line 1.
If 1 and 2 above are not met, or if the taxable fuel is purchased without using a credit card issued by the credit card issuer to a state or local government or nonprofit educational organization, the credit card issuer cannot make the claim.
What Is A Registration Number?
While filing a claim you need to mention the registration number. You would receive a letter of registration with the registration number from the IRS that has not been revoked or suspended. However, if you don’t have registration number, you cannot make this claim. You need to make use of the form 637, Application for Registration (For Certain Excise Tax Activities), to apply for one and then make the claim.
So, What Are The Claim Requirements?
Well, there are certain requirements for filing a claim. Keep reading to know.
1. The claim must be for taxable fuel sold during a period that is at least 1 week.
2. The amount filed by the claimant should be at least $200. To meet this minimum, the amount through 1-5 can be combined.
3. The claim should be filed by the last day of the first quarter through the earliest quarter of the claimant’s income tax year included in the claim. For example, if a claimant is claiming for diesel fuel sold in the month of September and October, the claims should be filed by December 31st.
Add all amounts in column (c) and enter the result in the total refund box at the top of the schedule.
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