Document

Proposed Collection; Comment Request for Forms 5498-QA and 1099-QA

The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take thi...

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Department of the Treasury

Internal Revenue Service

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Notice and request for comments.

SUMMARY:

The Internal Revenue Service (IRS), 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 5498-QA, ABLE Account Contribution Information, and Form 1099-QA, Distributions from ABLE Accounts.

DATES:

Written comments should be received on or before May 28, 2024 to be assured of consideration.

ADDRESSES:

Direct all written comments to Andrés Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to pra.comments@irs.gov. Please include, “OMB Number: 1545-2262, Form Numbers: 5498-QA; 1099-QA, (ABLE Account Contribution Information; Distributions from ABLE Accounts), Public Comment Request Notice” in the Subject line.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or copies of the forms and instructions should be directed to LaNita Van Dyke, at (202) 317-3009, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Lanita.VanDyke@irs.gov.

SUPPLEMENTARY INFORMATION:

Title: ABLE Account Contribution Information; Distributions from ABLE Accounts.

OMB Number: 1545-2262.

Form Numbers: 5498-QA; 1099-QA.

Abstract: Form 5498-QA, ABLE Account Contributions Information.

Public Law 113-295, ABLE Act of 2014 allows individuals and families to set money aside in this special account for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life, without impacting eligibility for other social service financial assistance programs such as Medicaid. Form 1099-QA allows these individuals and families to draw from the special account.

Current Actions: There are no changes being made to the forms at this time.

Type of Review: Extension of a currently approved collection.

Affected Public: Individuals or households.

Estimated Number of Responses: 20,000.

Estimated Time per Respondent: 11 min. ( printed page 21419)

Estimated Total Annual Burden Hours: 3,600.

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: March 20, 2024.

Molly J. Stasko,

Senior Tax Analyst.

[FR Doc. 2024-06440 Filed 3-26-24; 8:45 am]

BILLING CODE 4830-01-P

Legal Citation

Federal Register Citation

Use this for formal legal and research references to the published document.

89 FR 21418

Web Citation

Suggested Web Citation

Use this when citing the archival web version of the document.

“Proposed Collection; Comment Request for Forms 5498-QA and 1099-QA,” thefederalregister.org (March 27, 2024), https://thefederalregister.org/documents/2024-06440/proposed-collection-comment-request-for-forms-5498-qa-and-1099-qa.