Proposed Collection; Requesting Comments on Form 1099-R
| Published date | 07 May 2021 |
| Citation | 86 FR 24692 |
| Record Number | 2021-09680 |
| Section | Notices |
| Court | Internal Revenue Service |
Federal Register, Volume 86 Issue 87 (Friday, May 7, 2021)
[Federal Register Volume 86, Number 87 (Friday, May 7, 2021)]
[Notices]
[Page 24692]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09680]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Form 1099-R
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995. The IRS is soliciting comments
concerning Form 1099-R, Distributions From Pensions, Annuities,
Retirement or Profit-sharing Plans, IRAs, Insurance Contracts, etc.
DATES: Written comments should be received on or before July 6, 2021 to
be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224. You must reference the information collection's title, form
number, reporting or record-keeping requirement number, and OMB number
in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
or copies of the form and instructions should be directed to Jon
Callahan, (737) 800-7639, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Distributions From Pensions, Annuities, Retirement or
Profit-sharing Plans, IRAs, Insurance Contracts, etc.
OMB Number: 1545-0119.
Form Number: 1099-R.
Abstract: Form 1099-R is used to report distributions from
pensions, annuities, profit-sharing or retirement plans, IRAs, and the
surrender of insurance contracts. This information is used by the IRS
to verify that income has been properly reported by the recipient.
Current Actions: There are changes to the existing collection: (1)
The existing FATCA and Date of payment boxes were given line numbers,
and (2) the age for IRA required minimum distributions was changed to
age 72 beginning in 2020 per the SECURE Act.
Type of Review: Revision of a currently approved collection.
Affected Public: Businesses or other for-profit organizations, not
for-profit institutions, and Federal, state, local or tribal
governments.
Estimated Number of Responses: 105,974,100.
Estimated Time per Respondent: 26 minutes.
Estimated Total Annual Burden Hours: 46,628,604.
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 22, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-09680 Filed 5-6-21; 8:45 am]
BILLING CODE 4830-01-P
