[Federal Register Volume 89, Number 170 (Tuesday, September 3, 2024)]
[Notices]
[Pages 71787-71788]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19598]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure Waiver 
of 60-Day Rollover Requirement

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning waiver 
of 60-Day rollover requirement.

DATES: Written comments should be received on or before November 4, 
2024 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]. Include OMB Control Number 
1545-2269 or Revenue Procedure 2020-46.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Sara Covington, at (202) 317-
5744 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Waiver of 60-Day Rollover Requirement.
    OMB Number: 1545-2269.
    Revenue Procedure: 2020-46.
    Abstract: Revenue Procedure 2020-46 modifies and updates Rev. Proc. 
2016-47, 2016-37 I.R.B. 346. Section 3.02(2) of Rev. Proc. 2016-47 
provides a list of permissible reasons for self-certification of 
eligibility for a waiver of the 60 day rollover requirement, and, in 
response to requests from stakeholders, this revenue procedure modifies 
that list by adding a new reason: a distribution was made to a state 
unclaimed property fund. As under Rev. Proc. 2016-47, a self-
certification relates only to the reasons for missing the 60-day 
deadline, not to whether a distribution is otherwise eligible to be 
rolled over. An appendix contains a model letter that may be used for 
self-certification.
    Upon receipt of a self-certification, a plan administrator or IRA 
trustee may accept the contribution and treat it as having satisfied 
the requirements for a waiver of the 60-day requirement. Currently, the 
only way for a taxpayer to obtain a waiver of the 60 day requirement 
with respect to an amount distributed to a state unclaimed property 
fund is to apply to the Internal Revenue Service (IRS) for a favorable 
ruling, which is issued by the Tax Exempt and Government Entities 
Division (TE/GE). The user fee for a ruling is $10,000. The program 
outlined in this revenue procedure permits taxpayers to receive the 
benefits of a waiver without paying a user fee.
    Current Actions: There is no change to this existing revenue 
procedure.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 160.
    Estimated Time per Response: 3 hours.
    Estimated Total Annual Burden Hours: 480.
    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

[[Page 71788]]

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: August 27, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-19598 Filed 8-30-24; 8:45 am]
BILLING CODE 4830-01-P