IRA Contribution Information

Forms and Documents

Document Name	Status
Form 5498 IRA Contribution Information Form	Modified
2010 Summary of changes for F 5498.pdf Justification for No Material/Nonsubstantive Change	2009-08-26
2009 Summary of changes for F 5498.pdf Justification for No Material/Nonsubstantive Change	2009-02-09
5498.Sup.doc Supporting Statement A	2009-09-04

IC Document Collections

IC ID	Document Title	Status
17362	IRA Contribution Information Form	Modified

ICR Details

OMB Control No: 1545-0747	ICR Reference No: 200902-1545-004
Status: Historical Active	Previous ICR Reference No: 200705-1545-058
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: IRA Contribution Information
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/14/2009
	Date Received in OIRA: 03/04/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2010	10/31/2010	10/31/2010
Responses	114,900,000	0	81,208,141
Time Burden (Hours)	47,109,000	0	16,241,629
Cost Burden (Dollars)	0	0	0

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Abstract: Form 5498 is used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement.

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Authorizing Statute(s): US Code: 44 USC 3507 Name of Law: Advance payment of earned income credit
  

Citations for New Statutory Requirements: PL: Pub.L. 109 - 280 831 Name of Law: Pension Protection Act of 2006
PL: Pub.L. 110 - 245 109 Name of Law: HEROES EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2008
PL: Pub.L. 110 - 343 Div C, Sec. 504 Name of Law: Emergency Economic Stabilization Act of 2008
PL: Pub.L. 110 - 458 125 Name of Law: WORKER, RETIREE, AND EMPLOYER RECOVERY ACT OF 2008

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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:
	72 FR 13864	03/23/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 39663	07/19/2007
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
IRA Contribution Information	5498, 5498	IRA Contribution Information ,   IRA Contribution Information

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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	114,900,000	81,208,141	0	0	33,691,859	0
Annual Time Burden (Hours)	47,109,000	16,241,629	17,053,709	0	13,813,662	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: Form 5498 is used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement (IRA) Form 5498 and its instructions have been lengthened to accommodate statute changes to IRA contributions. The form now allows recipients of military death gratuities and Service members’ Group Life Insurance (SGLI) payments to make rollover contributions to a Roth IRA (PL 110-245, sec 109), allows recipients of qualified settlement income received in connection with the Exxon Valdez litigation to make a rollover contribution to a traditional or Roth IRA (PL 110-343, Div C, sec 504), and allows certain payments made to qualified airline employees by commercial passenger airlines to be rolled over into a Roth IRA (PL 110-458, sec 125). The addition of three new boxes (13-15) will increase the reporting requirements, under the current ADL methodology, by approximately 12 minutes per response. However, the addition of these boxes will simplify the reporting burden on taxpayers by providing separate specific areas to report the various amounts as required by law and eliminating the need for taxpayers to file multiple forms. While simplifying the reporting areas for taxpayers the results of these various changes will ultimately increase the total estimated burden, as calculated under the ADL methodology by 30,867,371 hours. Under the ADL methodology, there is a 17,053,709 increase in burden attributable to changes in law. There is also an increase in burden of 13,813,662 hours attributable to updated filing estimates (increase of 33,691,859 estimated responses from 2008 filing figures).

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Annual Cost to Federal Government: $966,959

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

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: 03/04/2009

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