SUPPLEMENTARY INFORMATION:

The IRS, in accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), provides the general public and Federal agencies with an opportunity to comment on proposed, revised, and continuing collections of information. This helps the IRS assess the impact and minimize the burden of its information collection requirements. 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, and viewable on relevant websites. For this reason, please do not include in your comments information of a confidential nature, such as sensitive personal information. 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.

Title: Comment Request on IRA and Trump Account Contribution Information.

OMB Control Number: 1545-0747.

Form Numbers: 5498 and 5498-TA.

Abstract: Form 5498 is used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement (IRA). The information on the form will be used by IRS to verify compliance with the reporting rules under regulation section 1.408-5 and to verify that the participant in the IRA has made the contribution that supports the deduction taken. The origination of the new Form 5498-TA is to comply with the requirements set forth in Public Law 119-21, Sec.70204 and IRC Section 530A(i) which established Trump Accounts and contribution pilot programs. Form 5498-TA reports contributions, rollovers, basis or investment in the contract, and the fair market value (FMV) of the account for the calendar year shown on the form and is furnished by the trustee of the Trump account.

Current Actions: Burden has increased due to the addition of new Form 5498-TA.

Type of Review: Revision of a currently approved collection.

Affected Public: Businesses or other for-profits organizations.

Form 5498:

Estimated Number of Respondents: 25,000.

Estimated Number of Responses: 141,568,500.

Estimated Time per Response: 25 minutes.

Estimated Annual Burden Hours: 58,043,085 hours.

Form 5498-TA:

Estimated Number of Responses: 45,000,000.

Estimated Time per Response: 10 minutes.

Estimated Annual Burden Hours: 7,650,000 hours.

Total Estimates:

Estimated Number of Responses: 186,568,500.

Estimated Total Annual Burden Hours: 65,693,085 hours.

91 FR 22914