Form 1099-INT, Interest Income

Forms and Documents

Document Name	Status
Form 1099-INT Interest Income Form and Instruction	Modified
09box5burden.PDF Supplementary Document	2009-08-13
09burden.PDF Supplementary Document	2009-08-13
2010.1099-INT 2.pdf Justification for No Material/Nonsubstantive Change	2009-08-13
ombat1.doc Supplementary Document	2007-06-11

IC Document Collections

IC ID	Document Title	Status
190872	Box 5 burden for Form 1099-INT	New
16925	Interest Income Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0112	ICR Reference No: 200908-1545-016
Status: Historical Active	Previous ICR Reference No: 200706-1545-023
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-0112-016
Title: Form 1099-INT, Interest Income
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: 03/26/2010
	Date Received in OIRA: 12/08/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2010	10/31/2010	10/31/2010
Responses	245,837,200	0	275,797,664
Time Burden (Hours)	63,677,672	0	63,223,463
Cost Burden (Dollars)	0	0	0

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Abstract: This form is used for reporting interest income paid, as required by sections 6049 and 6041 of the Internal Revenue Code. It is used to verify that payees are correctly reporting their income.

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Authorizing Statute(s): PL: Pub.L. 111 - 5 1521 Name of Law: ARRA
   PL: Pub.L. 111 - 5 1531 Name of Law: ARRA
   US Code: 26 USC 6049 Name of Law: Returns regarding payments of interest
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 5 1521and 1531 Name of Law: ARRA

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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 17225	04/06/2007
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: 2

IC Title	Form No.	Form Name
Interest Income	1099-INT	Interest Income
Box 5 burden for Form 1099-INT

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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	245,837,200	275,797,664	0	0	-29,960,464	0
Annual Time Burden (Hours)	63,677,672	63,223,463	454,209	0	0	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: This form is used for reporting interest income paid, as required by sections 6049 and 6041 of the Internal Revenue Code. PL 111-5 sections 1521 and 1531 added new IRC sections 54F and 54AA which adds school contruction bonds and build America bonds as tax credits. Boxes 10a and 10b were added to the form for reporting of the tax bond credits and codes. The addition of these boxes result in a burden increase of 454,209 hours. We also updated the filing figures from Document 6961 (2009) Calendar Year Projections of Information and Withholding Documents for the United States and IRS Campuses 2009-2017. Based on these new projections we decreased the estimated number of responses by 29,960,464 responses.

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Annual Cost to Federal Government: $405,854

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)? Yes

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: 12/08/2009

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