[Federal Register Volume 63, Number 97 (Wednesday, May 20, 1998)]
[Notices]
[Page 27789]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13458]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8606

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 
Form 8606, Nondeductible IRAs (Contributions, Distributions, and 
Basis).

DATES: Written comments should be received on or before May 20, 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 form and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Nondeductible IRAs (Contributions, Distributions, and 
Basis).
    OMB Number: 1545-1007.
    Form Number: 8606.
    Abstract: Internal Revenue Code Section 408(o) allows taxpayers to 
elect to make nondeductible contributions to individual retirement 
plans. This section also requires taxpayers to report to the IRS 
certain information regarding nondeductible contributions and 
distributions. Form 8606 is used for this purpose.
    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 Respondents: 997,748.
    Estimated Time Per Respondent: 1 hr., 15 min.
    Estimated Total Annual Burden Hours: 1,247,185.
    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: May 8, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-13458 Filed 5-19-98; 8:45 am]
BILLING CODE 4830-01-U