Proposed Collection; Comment Request for Statements to Recipients of Dividend Payments

• Published date: 22 April 2020
• Citation: 85 FR 22513
• Record Number: 2020-08499
• Section: Notices
• Court: Internal Revenue Service,Treasury Department

Federal Register, Volume 85 Issue 78 (Wednesday, April 22, 2020)

[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