Notice2024-04584
Proposed Collection; Comment Request for Form 1098-Q
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
March 5, 2024
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service (IRS), 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 Longevity Annuity Contracts.
Full Text
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<title>Federal Register, Volume 89 Issue 44 (Tuesday, March 5, 2024)</title>
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[Federal Register Volume 89, Number 44 (Tuesday, March 5, 2024)]
[Notices]
[Page 15928]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-04584]
[[Page 15928]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1098-Q
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), 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 Longevity Annuity
Contracts.
DATES: Written comments should be received on or before May 6, 2024, 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#18686a79367b7775757d766c6b58716a6b367f776e"><span class="__cf_email__" data-cfemail="91e1e3f0bff2fefcfcf4ffe5e2d1f8e3e2bff6fee7">[email protected]</span></a>. Include ``OMB Number 1545-
2234-Longevity Annuity Contracts'' in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to Martha R. Brinson, at
(202) 317-5753, or at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at <a href="/cdn-cgi/l/email-protection#82cfe3f0f6eae3acd0acc0f0ebecf1edecc2ebf0f1ace5edf4"><span class="__cf_email__" data-cfemail="93def2e1e7fbf2bdc1bdd1e1fafde0fcfdd3fae1e0bdf4fce5">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Longevity Annuity Contracts.
OMB Number: 1545-2234.
Form Number: Form 1098-Q and TD 9673.
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), 403(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 being made to the form at
this time.
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 mins.
Estimated Total Annual Burden Hours: 28,529.
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.
Comments will be 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 has
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 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: February 26, 2024.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2024-04584 Filed 3-4-24; 8:45 am]
BILLING CODE 4830-01-P
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