Internal Revenue Service (IRS), Treasury.
Notice and request for comments.
The Department of the Treasury, as part of its continuing effort Start Printed Page 22514to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the statements used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement (IRA).
Written comments should be received on or before June 22, 2020 to be assured of consideration.
Direct all written comments to Ronald J. Durbala, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224.
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FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the form and instructions should be directed to Rachel Martinen (253)-591-6631 (not a toll-free number), at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Rachel.Martinen@irs.gov.
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Title: Statements to recipients of dividend payments.
OMB Number: 1545-0747.
Form Number: 5498.
Abstract: Form 5498 is used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement (IRA). The information on the form will be used by IRS to verify compliance with the reporting rules under regulation section 1.408-5 and to verify that the participant in the IRA has made the contribution that supports the deduction taken.
Current Actions: There are no changes being made to these forms at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 25,000.
Estimated Number of Responses: 118,858,000.
Estimated Time per Respondent: 24 minutes.
Estimated Total Annual Burden Hours: 48,731,780.
The following paragraph applies to all the collections of information covered by this notice:
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained if their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.
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Approved: April 14, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-08499 Filed 4-21-20; 8:45 am]
BILLING CODE 4830-01-P