[Federal Register Volume 84, Number 195 (Tuesday, October 8, 2019)]
[Notices]
[Pages 53832-53833]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21869]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for TD 8619
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995. Currently, the IRS is soliciting
comments concerning Direct Rollovers and 20-Percent Withholding Upon
Eligible Rollover Distributions From Qualified Plans
DATES: Written comments should be received on or before December 9,
2019 to be assured of consideration.
ADDRESSES: Direct all written comments to Dr. Philippe Thomas, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the collection tools should be directed to LaNita Van Dyke,
at (202) 317-6009, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Direct Rollovers and 20-Percent Withholding Upon Eligible
Rollover Distributions From Qualified Plans.
OMB Number: 1545-1341.
Abstract: This regulation implements the provisions of the
Unemployment Compensation Amendments of 1992 (Pub. L. 102-318), which
impose mandatory 20 percent income tax withholding upon the taxable
portion of certain distributions from a qualified pension plan or a
tax-sheltered annuity that can be rolled over tax-free to another
eligible retirement plan unless such amounts are transferred directly
to such other plan in a ``direct rollover'' transaction. These
provisions also require qualified pension plans and tax-sheltered
annuities to offer their participants the option to elect to make
``direct rollovers'' of their distributions and to provide distributees
with a written explanation of the tax laws regarding their
distributions and their option to elect such a rollover.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals, business or other for-profit
organizations, not-for profit institutions, and Federal, state, local
or tribal governments.
Estimated Number of Respondents: 1,423,926.
Estimated Time per Respondent: .45 minutes.
Estimated Total Annual Burden Hours: 643,369.
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
[[Page 53833]]
or start-up costs and costs of operation, maintenance, and purchase of
services to provide information.
Approved: September 24, 2019.
Philippe Thomas,
Supervisor Tax Analyst.
[FR Doc. 2019-21869 Filed 10-7-19; 8:45 am]
BILLING CODE 4830-01-P