Notice2022-07739
Proposed Collection; Comment Request for Form 4972
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 12, 2022
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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 Form 4972, Tax on Lump- Sum Distributions (From Qualified Plans of Participants Born Before January 2, 1936).
Full Text
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<title>Federal Register, Volume 87 Issue 70 (Tuesday, April 12, 2022)</title>
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[Federal Register Volume 87, Number 70 (Tuesday, April 12, 2022)]
[Notices]
[Page 21701]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07739]
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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 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 13, 2022
to be assured of consideration.
ADDRESSES: Direct all written comments to Andres Garcia, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224 or by email to <a href="/cdn-cgi/l/email-protection#f7989a95d982999e83b79e8584d9909881"><span class="__cf_email__" data-cfemail="0e61636c207b60677a4e677c7d20696178">[email protected]</span></a>.
Please include the ``OMB Number 1545-0193'' in the Subject Line.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Sara
Covington, at Internal Revenue Service, room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or at (202) 317-4542, or through the
internet at <a href="/cdn-cgi/l/email-protection#02516370632c4e2c416d746b6c65766d6c426b70712c656d74"><span class="__cf_email__" data-cfemail="34675546551a781a775b425d5a53405b5a745d46471a535b42">[email protected]</span></a>.
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: Form 4972 is used to figure the tax on a qualified lump-
sum distribution you received in the tax year using the 20 percent
capital gain election, the 10-year tax option, or both. These are
special formulas used to figure a separate tax on the distribution that
may result in a smaller tax than if you reported the taxable amount of
the distribution as ordinary income.
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: 5,601.
Estimated Time per Respondent: 4 hrs. 24 min.
Estimated Total Annual Burden Hours: 24,644.
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 05, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-07739 Filed 4-11-22; 8:45 am]
BILLING CODE 4830-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.