U.S. Income Tax Return for Estates and Trusts

ICR 202308-1545-008

OMB: 1545-0092

Federal Form Document

ICR Details
1545-0092 202308-1545-008
Received in OIRA 202203-1545-005
TREAS/IRS
U.S. Income Tax Return for Estates and Trusts
Revision of a currently approved collection   No
Regular 08/30/2023
  Requested Previously Approved
36 Months From Approved 08/31/2023
11,330,423 10,492,023
356,948,857 333,541,340
0 0

IRC section 6012 requires that an annual income tax return be filed for estates and trusts. Data is used to determine that the estates, trusts, and beneficiaries file the proper returns and paid the correct tax. The various schedules (Schedule D, I, J, and K-I) are used in the collection of information under the various authorizing statutes seen below (Legal Statutes). The worksheets are used to figure various taxes and deductions. Form 1041-V allows the Internal Revenue Service (IRS) to process the payment more accurately and efficiently. The IRS strongly encourages the use of Form 1041-V, but there is no penalty if it is not used.

US Code: 26 USC 662 Name of Law: Inclusion of amounts in gross income of beneficiaries of estates and trusts accumulating income or d
   US Code: 26 USC 55(a) Name of Law: Alternative Minimum Tax Imposed
   US Code: 26 USC 643(g) Name of Law: Definitions applicable to subparts A, B, C, and D; Certain payments of estimated tax treated as pai
   US Code: 26 USC 666 Name of Law: Accumulation distribution allocated to preceding years
   US Code: 26 USC 677 Name of Law: Income for benefit of grantor
   US Code: 26 USC 679 Name of Law: Foreign trusts having one or more United States beneficiaries
   US Code: 26 USC 6654 Name of Law: Failure by individual to pay estimated income tax; Addition to the Tax
   PL: Pub.L. 115 - 97 14103 Name of Law: Tax Cuts and Jobs Act
   US Code: 26 USC 652 Name of Law: Inclusion of amounts in gross income of beneficiaries of trusts distributing current income only
   US Code: 26 USC 6012 Name of Law: Persons required to make returns of income
   US Code: 26 USC 641 Name of Law: Imposition of tax
   US Code: 26 USC 671 Name of Law: Trust income, deductions, and credits attributable to grantors and others as substantial owners
   US Code: 26 USC 59 Name of Law: Other definitions and special rules
  
None

Not associated with rulemaking

  88 FR 34565 05/30/2023
88 FR 60012 08/30/2023
No

  Total Request 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 11,330,423 10,492,023 0 -5,123 843,523 0
Annual Time Burden (Hours) 356,948,857 333,541,340 0 8,695,920 14,711,597 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
The number of responses changed based on current filing data. This increases the number of responses by 843,523 and the burden hours by 14,711,597 due to Agency Estimate. Form 1041 was updated to remove obsolete credits, added a new elective payment election, and separate checkboxes and sublines for clarity. The “Mortgage Insurance Premiums Deduction Worksheet” and the “FAQs for PL 115-97 Section 14103” information collections are obsolete and were removed from the submission. This decreases the responses by 5,123 and increases the burden hours by 8,695,920 due to Agency Discretion.

$795,566
No
    Yes
    Yes
No
No
No
No
Trene Cheek 240 613-5701 trene.d.cheek@irs.gov

  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.
08/30/2023


© 2024 OMB.report | Privacy Policy