[Federal Register Volume 85, Number 190 (Wednesday, September 30, 2020)]
[Notices]
[Pages 61797-61798]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21613]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Burden Related to Longevity 
Annuity Contracts

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 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 the burden associated with the reporting burden associated 
with longevity annuity contracts.

DATES: Written comments should be received on or before November 30, 
2020 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to Ronald J. Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through 
the internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Longevity Annuity Contracts.
    OMB Number: 1545-2234.
    Regulation Project Number: TD 9673; Form 1098-Q.
    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),

[[Page 61798]]

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 to the burden previously 
approved by OMB. This submission is for renewal purposes.
    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 min.
    Estimated Total Annual Burden Hours: 28,529.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: September 23, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-21613 Filed 9-29-20; 8:45 am]
BILLING CODE 4830-01-P