82 FR 41307 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 167 (August 30, 2017)

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 long annuity contracts and qualifying longevity annuity contract information.

[Federal Register Volume 82, Number 167 (Wednesday, August 30, 2017)]
[Notices]
[Pages 41307-41308]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-18333]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 long annuity contracts 
and qualifying longevity annuity contract information.

DATES: Written comments should be received on or before October 30, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224. 
Requests for additional information or copies of the regulations should 
be directed to Sara Covington, at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Longevity Annuity Contracts and Qualifying Longevity Annuity 
Contract Information.
    OMB Number: 1545-2234.
    Regulation Project Numbers: TD 9673 and Form 1098-Q.
    Abstract: This regulation contains rules relating to the purchase 
of longevity annuity contracts under tax-qualified defined contribution 
plans under section 401(a) of the Internal Revenue Code, section 403(b) 
plans, individual retirement annuities and accounts (IRAs) under 
section 408, and eligible governmental section 457 plans. These 
regulations will provide the public with guidance necessary to comply 
with the required minimum distribution rules under section 401(a)(9). 
The information in Sec.  1.401(a)(9)-6, A-17(a)(6), is required in 
order to notify participants and beneficiaries, plan sponsors, and the 
IRS that the proposed regulations apply to a

[[Page 41308]]

contract. The information in the annual statement in Sec.  1.6047-2 is 
required in order to apply the dollar and percentage limitations in 
Sec.  1.401(a)(9)-6, A-17(b) and Sec.  1.408-8, Q&A-12(b) and to comply 
with other requirements of the required minimum distribution rules.
    Current Actions: There are no changes being made to this existing 
regulation or Form 1098-Q.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit and not-for-profit 
institutions and individuals or households.
    Estimated Number of Responses: 213,966.
    Estimated Time per Response: 8 min.
    Estimated Total Annual Burden Hours: 28,529.
    Estimated number of Recordkeepers: 150.
    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: August 22, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-18333 Filed 8-29-17; 8:45 am]
 BILLING CODE 4830-01-P