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
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.