[Federal Register Volume 62, Number 132 (Thursday, July 10, 1997)]
[Notices]
[Pages 37120-37121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-18120]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 5329
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 5329, additional Taxes Attributable to Qualified Retirement Plans
(Including IRAs), Annuities, Modified Endowment Contracts, and MSAs.
DATES: Written comments should be received on or before September 8,
1997.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 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 Martha
Brinson, (202) 622-3869, Internal Revenue Service, room 5569, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Additional Taxes Attributable to Qualified Retirement Plans
(Including IRAs), Annuities, Modified Endowment Contracts, and MSAs.
OMB Number: 1545-0203.
Form Number: Form 5329.
Abstract: This form is used to compute and collect taxes related to
distributions from individual retirement arrangements (IRAs) and other
qualified plans. These taxes are for excess contributions to an IRA,
premature distributions from an IRA and other qualified retirement
plans, excess accumulations in an IRA and excess distributions from
qualified retirement plans. The data is used to help verify that the
correct amount of tax has been paid.
Current Actions:
Changes to Form 5329
(1) The title of the form was changed to reflect the fact that an
additional tax relating to medical savings accounts (MSAs) is now
figured on this form.
(2) A caution was added after line 4 to alert taxpayers to the
rules that apply to early distributions from SIMPLEs. This was done to
reflect new Internal Revenue Code section 72(t)(6), which was added by
section 1421(b)(4)(A) of P.L. 104-188.
(3) New Part III was added to reflect the additional tax for excess
contributions to MSAs. This new tax was added by section 301(e)(4) of
P.L. 104-191, which added section 4973(d) to the Code.
(4) Lines 18-26 in old Part IV, relating to the tax on excess
distributions, were deleted. They were replaced with an explanation
that the tax does not apply to distributions during years beginning
after December 31, 1996, and before January 1, 2000. The application of
this tax was limited by section 1452(b) of P.L. 104-188, which added
section 4980A(g) to the Code.
(5) The first acceleration election was deleted under old Part V.
This election was deleted because taxpayers would have no need to make
the election since the tax on excess distributions does not apply for
1997, 1998, or 1999.
(6) In the instructions, Worksheets 1 and 2 were deleted. They
dealt with the discretionary method and the attained age method of
computing the unrecovered grandfather amount for purposes of the tax on
excess distributions. They were deleted because the tax does not apply
for 1997, 1998, or 1999.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Respondents: 1,000,000.
Estimated Time Per Respondent: 3 hours, 46 minutes.
Estimated Total Annual Burden Hours: 3,760,000.
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:
[[Page 37121]]
(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: July 2, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-18120 Filed 7-9-97; 8:45 am]
BILLING CODE 4830-01-P