Form 5498-QA (ABLE Account Contribution Information) and 1099-QA (Distributions from ABLE Accounts)

ICR 201504-1545-006

OMB: 1545-2262

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2015-06-17
IC Document Collections
IC ID
Document
Title
Status
215991 New
ICR Details
1545-2262 201504-1545-006
Historical Active
TREAS/IRS Ready
Form 5498-QA (ABLE Account Contribution Information) and 1099-QA (Distributions from ABLE Accounts)
New collection (Request for a new OMB Control Number)   No
Emergency 06/12/2015
Approved without change 06/17/2015
Retrieve Notice of Action (NOA) 05/19/2015
  Inventory as of this Action Requested Previously Approved
12/31/2015 6 Months From Approved
20,000 0 0
3,600 0 0
0 0 0

This form will be used to report the contributions of Achieving a Better Life Experience (ABLE) accounts under IRC 529A. IRS uses the information to verify compliance with the reporting rules and to verify that the recipient has included the proper amount of income on his or her income tax return.
The ABLE Act is effective January 1, 2015. The act requires information reporting to the IRS for distributions and contributions from and to the ABLE accounts. We need the information returns available early so that the ABLE Act account providers can do the computer programing for the information that has to be reported to the IRS. Taxpayers will be harmed because they will not be able to comply with the reporting requirements of the ABLE Act, if the information returns are not available for filing.

US Code: 26 USC 529A Name of Law: Qualified Tuition Program
  
None

Not associated with rulemaking

No

1
IC Title Form No. Form Name
ABLE Account Contribution Information 5498-QA, 1099-QA ABLE Account Contribution Information ,   Distributions from ABLE Accounts

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 20,000 0 0 20,000 0 0
Annual Time Burden (Hours) 3,600 0 0 3,600 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
These two new forms will result in a total burden increase of 3,600 hours. We ask that OMB approve the collection of information for these forms.

$2,000
No
No
No
No
No
Uncollected
Janice Martin 202 622-3312

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
05/19/2015


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