Beverage Container Web File - Helpful Information
Step 1: Set up a Refund Value Account You must create and maintain a separate bank account that you use only for beverage container deposits.
Step 2: Maintain records Keep track of all transactions involving deposit activity including:
- beverage container deposits that you receive
- withdrawals that you use to pay redeemed beverage containers
- interest and service charges
- deposits to cover any shortfalls in your Refund Value Account
Step 3: Beverage Container Web File
At the end of each quarter, use the Beverage Container Web File service on the Tax Department's Web site to report the activity in your Refund Value Account for the quarter.
If you have a positive balance at the end of the quarter:
- Remit 80% of the balance to the Tax Department. The Beverage Container Web File service explains how you can make this payment.
- Transfer the remaining 20% out of the Refund Value Account. This is yours to keep.
Here's an example of the information needed to complete the Beverage Container Web File for a quarter:
|1||Total of all your beverage container deposits credited to your account for the quarter||$33,638.80|
|2||Add all of the interest and dividends credited to the account for the quarter||$5.75|
|3||Subtract all of the beverage container deposits paid from account for the quarter||$29,891.20|
|4||Subtract all of the bank service charges on account for the quarter||$30.00|
|5||Net balance in account at the end of the quarter||$3,723.35|
|6||Multiply by 80% to determine the amount to be remitted to Tax Department||80%|
|7||Amount due to Tax Department||$2,978.68|
|8||If filing an amended return subtract the amount paid with original filing and previous amended filings||$0.00|
|9||Total amount due to Tax Department||$2,978.68|
|Amount to be transferred out of Refund Value Account and kept (20% of the net balance in the account)||$744.67|
If you have a shortfall at the end of the quarter: If you paid out more deposits then you collected, you're eligible for a refund.
- File Form MT-230, Claim for Refund of Beverage Container Deposits.
- Be sure to include the supporting documentation described on the back page.