Proposed Collection; Comment Request for Form 4972

• Published date: 05 April 2019
• Citation: 84 FR 13787
• Record Number: 2019-06629
• Section: Notices
• Court: Internal Revenue Service,Treasury Department

Federal Register, Volume 84 Issue 66 (Friday, April 5, 2019)

[Federal Register Volume 84, Number 66 (Friday, April 5, 2019)]
                [Notices]
                [Pages 13787-13788]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-06629]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                Proposed Collection; Comment Request for Form 4972
                AGENCY: Internal Revenue Service (IRS), Treasury.
                ACTION: Notice and request for comments.
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                SUMMARY: The Internal Revenue Service, as part of its continuing effort
                to reduce paperwork and respondent burden, invites the general public
                and other Federal agencies to take this opportunity to comment on
                information collections, as required by the Paperwork Reduction Act of
                1995. The IRS is soliciting comments concerning
                [[Page 13788]]
                Form 4972, Tax on Lump-Sum Distributions (From Qualified Plans of
                Participants Born Before January 2, 1936).
                DATES: Written comments should be received on or before June 4, 2019 to
                be assured of consideration.
                ADDRESSES: Direct all written comments to L. Brimmer, 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 Sara
                Covington, (202) 317-6038, at Internal Revenue Service, Room 6526, 1111
                Constitution Avenue NW, Washington, DC 20224, or through the internet
                at [email protected].
                SUPPLEMENTARY INFORMATION:
                 Title: Tax on Lump-Sum Distributions (From Qualified Plans of
                Participants Born Before January 2, 1936).
                 OMB Number: 1545-0193.
                 Form Number: Form 4972.
                 Abstract: Internal Revenue Code section 402(e) and regulation
                section 402(e) and regulations section 1.402(e) allow recipients of
                lump-sum distributions from a qualified retirement plan to figure the
                tax separately on the distributions. The tax can be computed on the 10-
                year averaging method and/or by a special capital gain method. Form
                4972 is used to compute the separate tax and to make a special 20
                percent capital gain election on lump-sum distributions attributable to
                pre-1974 participation.
                 Current Actions: There are no changes being made to the form at
                this time.
                 Type of Review: Extension of a currently approved collection.
                 Affected Public: Individuals or households.
                 Estimated Number of Responses: 17,720.
                 Estimated Time Per Respondent: 4 hrs. 24 min.
                 Estimated Total Annual Burden Hours: 77,968.
                 The following paragraph applies to all of 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 as long as
                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 1, 2019.
                Laurie Brimmer,
                Senior Tax Analyst.
                [FR Doc. 2019-06629 Filed 4-4-19; 8:45 am]
                BILLING CODE 4830-01-P