[Federal Register Volume 80, Number 236 (Wednesday, December 9, 2015)]
[Notices]
[Page 76619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30927]
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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 Department of the Treasury, 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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, 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 February 8,
2016 to be assured of consideration.
ADDRESSES: Direct all written comments to Christie Preston, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to LaNita Van
Dyke, at Internal Revenue Service, Room 6517, 1111 Constitution Avenue
NW., Washington, DC 20224, 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: Internal Revenue Code section 402(e) and regulation
section 402(e) and regulations section 1.402(e) allow recipients of
lump-sum distributions from a qualified retirement plan to figure the
tax separately on the distributions. The tax can be computed on the 10
year averaging method and/or by a special capital gain method. Form
4972 is used to compute the separate tax and to make a special 20
percent capital gain election on lump-sum distributions attributable to
pre-1974 participation.
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: 21,709.
Estimated Time per Respondent: 4 hrs. 24 min.
Estimated Total Annual Burden Hours: 95,520.
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: December 1, 2015.
Michael Joplin,
IRS Reports Clearance Officer.
[FR Doc. 2015-30927 Filed 12-8-15; 8:45 am]
BILLING CODE 4830-01-P