Form 1098 - Mortgage Interest Statement

Forms and Documents

Document Name	Status
Form 1098 Form 1098 - Mortgage Interest Statement Form	Modified
i1099-general--2017-00-00.pdf Supplementary Document	2017-06-09
2017-07-28 SS 1545-0901r.doc Supporting Statement A	2017-07-28

IC Document Collections

IC ID	Document Title	Status
17496	Form 1098 - Mortgage Interest Statement Form	Modified

ICR Details

OMB Control No: 1545-0901	ICR Reference No: 201705-1545-011
Status: Historical Active	Previous ICR Reference No: 201402-1545-001
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1098 - Mortgage Interest Statement
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/01/2017
	Date Received in OIRA: 07/28/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2020	36 Months From Approved	11/30/2017
Responses	81,132,333	0	66,989,155
Time Burden (Hours)	17,849,114	0	8,038,699
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1098 is used to report $600 or more of mortgage interest received from an individual in the course of the mortgagor's trade or business.

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Authorizing Statute(s): US Code: 26 USC 6050H Name of Law: Returns relating to mortgage interest received in trade or business from individuals.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 19455	04/27/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 35264	07/28/2017
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 1098 - Mortgage Interest Statement	1098	Mortgage Interest Statement

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ICR Summary of Burden

	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	81,132,333	66,989,155	0	0	14,143,178	0
Annual Time Burden (Hours)	17,849,114	8,038,699	0	8,113,234	1,697,181	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Box 2 was added to report “Outstanding mortgage principal”. Box 3 was added to report “Mortgage origination date”. We added new text in box 7 reflecting that if the box is checked, this is the same address as the property securing the mortgage and that this is the same address as the Payer/Borrower. Box 8 was added to report the “Address of property securing mortgage”. Box 9 was added for “reporting the description of a property” without a street address. Reporting requirement will be addressed in the separate Instructions for Form 1098. Box 10 was added to report the “Number of mortgaged properties”, if more than 1 address on this form and box 11 for “Other”. The above changes will result in a program change increase of 8,113,234 hours, with a new total burden of 17,849,114 hours.

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Annual Cost to Federal Government: $133,899

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 07/28/2017

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