[Federal Register Volume 87, Number 70 (Tuesday, April 12, 2022)]
[Notices]
[Page 21701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07739]


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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 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 13, 2022 
to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224 or by email to [email protected].
    Please include the ``OMB Number 1545-0193'' in the Subject Line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Sara 
Covington, at Internal Revenue Service, room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or at (202) 317-4542, 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: Form 4972 is used to figure the tax on a qualified lump-
sum distribution you received in the tax year using the 20 percent 
capital gain election, the 10-year tax option, or both. These are 
special formulas used to figure a separate tax on the distribution that 
may result in a smaller tax than if you reported the taxable amount of 
the distribution as ordinary income.
    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: 5,601.
    Estimated Time per Respondent: 4 hrs. 24 min.
    Estimated Total Annual Burden Hours: 24,644.
    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 05, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-07739 Filed 4-11-22; 8:45 am]
BILLING CODE 4830-01-P