[Federal Register Volume 84, Number 66 (Friday, April 5, 2019)]
[Notices]
[Pages 13787-13788]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06629]


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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

[[Page 13788]]

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 4, 2019 to 
be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6526, 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 Sara 
Covington, (202) 317-6038, at Internal Revenue Service, Room 6526, 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 form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Responses: 17,720.
    Estimated Time Per Respondent: 4 hrs. 24 min.
    Estimated Total Annual Burden Hours: 77,968.
    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 1, 2019.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2019-06629 Filed 4-4-19; 8:45 am]
BILLING CODE 4830-01-P