What is IRS Form 8849 Schedule 1? Read it here!

Heya! We’re back with a bang, lot more to share and update our knowledge with. This time it’s not going to be the same old dedication to our audience and bore you all. We decided to take a chance and discuss about Form 8849 and its schedules falling in the category. We hope this interests you.

A week back, we had posted a blog “What Is an IRS Form 8849 Schedule 3?” and today, we would like to share more about IRS form 8849 schedule-1.

Before we start, I would like to warm up on what is form 8849 and how we help you in dealing it with ease.

If you’re looking forward to claim a refund on excise tax which is already processed to IRS, Form 8849will help you in gaining the latter. However, this form is divided into different schedules that include 1, 2, 3, 5, 6 and 8. Every schedule stands for a different purpose and you need to decide where your claims stand.

However, as mentioned before, today we would be talking about IRS form 8849 schedule 1 which is used to claim on non-taxable use of fuel. We shall leave the rest of the schedules for the next post coming up soon. Well, you got another reason to hang around our blog.

However, there are certain fuels in the list for which schedule-1 is used to make the claim for refund. And also, these fuels in the list are mandate to be used for a nontaxable purpose.

  • Sales by Registered Ultimate Vendors of Undyed Diesel Fuel
  • Sales by Registered Ultimate Vendors of Undyed Kerosene (Other Than Kerosene For Use in Aviation)
  • Sales by Registered Ultimate Vendors of Kerosene for Use in Aviation
  • Sales by Registered Ultimate Vendors of Gasoline
  • Sales by Registered Ultimate Vendors of Aviation Gasoline
  • Government Unit Information
  • Nonprofit Educational Organization and Government Unit Information

Well, after the list of fuels mentioned, the next obvious thing comes in your mind, what would be the requirements to file a claim.

Of course, there are minimum requirements, which every form would have and you can read them right here, helping you in conceding it once and mentally preparing you if you can claim it up this quarter.

The list goes this way,

  • The amount to be claimed on schedule 1 must be at least $750 and the amount can be met by:

* Making a claim for the fuel used during the quarter of the claimant’s income tax year, or

* With the aggregating amounts from any quarter of the claimant’s income tax year for which, no other claim has been made.

  • The claim should be filed in the first quarter following the last quarter included in the claim.
    For example, a claim for the quarters consisting of July through September and October through December, you need to be filing your claim in between January 1st to March 31st.
  • And finally, you can file one claim per quarter.

Well, if you’re looking forward to file your claims for the last quarter, you’re at the right place. You can file in your claims and refunds through Tax8849.com, a part of Taxexcise.com We have always worked on our applications, mobile site or say Smartphone App bearing our audience in mind that means, our applications are more like an easy give-out rather than letting you wander around and then you decide to give up.

We believe in, here is a reminder for all you tax payers. Excise Tax is due in 3 days. If you have not filed them on or before January 31st, you’re likely to pay penalties for the same, which is not so likely for anyone of us. So buckle up you tax payers, we hope you don’t get too late.

Still, if have got queries or stuck in the middle, we would love to help you. You can get in touch with our tax experts through support@taxexcise.com or simply call us 1-866-245-3918. We would love to hear from you.serving you right and the best, and we hope we improvise in the coming years.