[Federal Register Volume 63, Number 137 (Friday, July 17, 1998)]
[Notices]
[Pages 38695-38696]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19034]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[EE-43-92]
Proposed Collection; Comment Request for Regulation Project
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 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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an
existing final regulation, EE-43-92 (TD 8619), Direct Rollovers and 20-
Percent Withholding Upon Eligible Rollover Distributions From Qualified
Plans (Secs. 1.401(a)(31)-1, 1.402(c)-2, 1.402(f)-1, 1.403(b)-2, and
31.3405(c)-1).
DATES: Written comments should be received on or before September 15,
1998 to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue
NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Direct Rollovers and 20-Percent Withholding Upon Eligible
Rollover Distributions From Qualified Plans.
OMB Number: 1545-1341.
Regulation Project Number: EE-43-92.
Abstract: This regulation implements the provisions of the
Unemployment Compensation Amendments of 1992 (Pub. L. 102-318), which
impose mandatory 20 percent income tax withholding upon the taxable
portion of certain distributions from a qualified pension plan or a
tax-sheltered annuity that can be rolled over tax-free to another
eligible retirement plan unless such amounts are transferred directly
to such other plan in a ``direct rollover'' transaction. These
provisions also require qualified pension plans and tax-sheltered
annuities to offer their participants the option to elect to make
``direct rollovers'' of their distributions and to provide distributees
with a written explanation of the tax laws regarding their
distributions and their option to elect such a rollover.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals, business or other for-profit
organizations, not-for-profit institutions, and Federal, state, local
or tribal governments.
Estimated Number of Respondents: 10,323,926.
Estimated Time Per Respondent: 13 minutes.
Estimated Total Annual Burden Hours: 2,129,669.
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
[[Page 38696]]
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: July 10, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-19034 Filed 7-16-98; 8:45 am]
BILLING CODE 4830-01-U
