2020-21613. Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Longevity Annuity Contracts  

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    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Notice and request for comments.

    SUMMARY:

    The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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 burden associated with the reporting burden associated with longevity annuity contracts.

    DATES:

    Written comments should be received on or before November 30, 2020 to be assured of consideration.

    ADDRESSES:

    Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to Ronald J. Durbala, at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through the internet, at RJoseph.Durbala@irs.gov.

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    SUPPLEMENTARY INFORMATION:

    Title: Longevity Annuity Contracts.

    OMB Number: 1545-2234.

    Regulation Project Number: TD 9673; Form 1098-Q.

    Abstract: This collection covers final regulations relating to the use of longevity annuity contracts in tax qualified defined contribution plans under section 401(a) of the Internal Revenue Code (Code), section 403(b) plans, individual retirement annuities and accounts (IRAs) under section 408, and eligible governmental plans under section 457(b).

    Form 1098-Q is used to comply with the reporting requirements under TD 9673. Any person who issues a contract intended to be a QLAC that is purchased or held under any plan, annuity, or account described in section 401(a), Start Printed Page 61798403(a), 403(b), 408 (other than a Roth IRA) or eligible governmental plan under section 457(b), must file Form 1098-Q.

    Current Actions: There are no changes to the burden previously approved by OMB. This submission is for renewal purposes.

    Type of Review: Extension of a currently approved collection.

    Affected Public: Business or other for-profit organizations, individuals, not-for-profit institutions, individuals or households.

    Estimated Number of Respondents: 150.

    Estimated Time per Respondent: 8 min.

    Estimated Total Annual Burden Hours: 28,529.

    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.

    Desired Focus of Comments: The Internal Revenue Service (IRS) is particularly interested in comments that:

    • Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility;
    • Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used;
    • Enhance the quality, utility, and clarity of the information to be collected; and
    • Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., by permitting electronic submissions of responses.

    Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record.

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    Approved: September 23, 2020.

    Ronald J. Durbala,

    IRS Tax Analyst.

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    [FR Doc. 2020-21613 Filed 9-29-20; 8:45 am]

    BILLING CODE 4830-01-P

Document Information

Published:
09/30/2020
Department:
Treasury Department
Agency:
Internal Revenue Service
EntryType:
Notice
Action:
Notice and request for comments.
Document Number:
2020-21613
Dates:
Written comments should be received on or before November 30, 2020 to be assured of consideration.
Pages:
61797-61798 (2 pages)
SectionNoes:
PDF File:
2020-21613.pdf