[Federal Register Volume 85, Number 78 (Wednesday, April 22, 2020)]
[Notices]
[Pages 22513-22514]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08499]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Statements to Recipients
of Dividend Payments
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort
[[Page 22514]]
to 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).
DATES: Written comments should be received on or before June 22, 2020
to be assured of consideration.
ADDRESSES: Direct all written comments to Ronald J. Durbala, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
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 [email protected].
SUPPLEMENTARY INFORMATION:
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.
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