[Federal Register Volume 71, Number 75 (Wednesday, April 19, 2006)]
[Notices]
[Pages 20162-20163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-5804]


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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 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 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 19, 2006, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6516, 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 R. Joseph 
Durbala, 202-622-3634, at Internal Revenue Service, room 6516, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the Internet 
at [email protected].

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: Internal Revenue Code section 402(e) and regulation 
section 402(e) and regulations section 1.402(e) allow recipients of 
lump-sum distributions from a qualified retirement plan to figure the 
tax separately on the distributions. The tax can be computed on the 10 
year averaging method and/or by a special capital gain method. Form 
4972 is used to compute the separate tax and to make a special 20 
percent capital gain election on lump-sum distributions attributable to 
pre-1974 participation.
    Current Actions: There are no changes being made to the the form at 
this time.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Responses: 21,709.
    Estimated Time Per Respondent: 4 hrs., 24 min.
    Estimated Total Annual Burden Hours: 95,520.
    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

[[Page 20163]]

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 12, 2006.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. E6-5804 Filed 4-18-06; 8:45 am]
BILLING CODE 4830-01-P