[Federal Register Volume 87, Number 7 (Tuesday, January 11, 2022)]
[Notices]
[Page 1486]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00277]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Form 1116, Foreign Tax Credit

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before February 10, 2022 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Spencer W. Clark by emailing [email protected], calling 
(202) 927-5331, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    Title: Form 1116, Foreign Tax Credit.
    OMB Control Number: 1545-0121.
    Type of Review: Revision of a currently approved collection.
    Description: Form 1116 and its schedules are used by individuals, 
estates, and trusts to claim a credit for certain taxes paid or accrued 
during the taxable year to a foreign country or a possession of the 
United States, subject to the limitations of IRC section 904. This 
information is used by the IRS to verify the foreign tax credit.
    The IRS is adding Form 1116 Schedules B and C to assist taxpayers 
in complying with the changes made to the Internal Revenue Code by the 
Tax Cuts and Jobs Act, Public Law 115-97, and accurately report the 
required information to the IRS.
    The information collection burden estimates associated with the 
filing of Form 1116 and its schedules by individuals are covered under 
OMB Control Number 1545-0074. This information collection request (ICR) 
reflects only the burdens associated with the filing of Form 1116 and 
its schedules by estates and trusts that are claiming the foreign tax 
credit.
    Form: 1116.
    Affected Public: Estates and Trusts.
    Estimated Number of Respondents: 454,326.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 454,326.
    Estimated Time per Response: 5 hours, 34 minutes.
    Estimated Total Annual Burden Hours: 2,531,600.
    Authority: 44 U.S.C. 3501 et seq.

    Dated: January 5, 2022.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2022-00277 Filed 1-10-22; 8:45 am]
BILLING CODE 4830-01-P