Payments From Qualified Education Programs (Under Sections 529 and 530)

Forms and Documents

Document Name	Status
Form 1099-Q Payments From Qualified Education Programs (Under Sections 529 and 530) Form	Modified
IRS Publication 6961.pdf Supplementary Document	2014-07-23
2014 Supporting Statement for 1545-1760.doc Supporting Statement A	2014-07-15

IC Document Collections

IC ID	Document Title	Status
19309	Payments From Qualified Education Programs (Under Sections 529 and 530) Form	Modified

ICR Details

OMB Control No: 1545-1760	ICR Reference No: 201403-1545-011
Status: Historical Active	Previous ICR Reference No: 201106-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No: GJS
Title: Payments From Qualified Education Programs (Under Sections 529 and 530)
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: 11/07/2014
	Date Received in OIRA: 07/29/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2017	36 Months From Approved	11/30/2014
Responses	2,409,500	0	150,000
Time Burden (Hours)	530,090	0	33,000
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1099–Q, Payments From Qualified Education Programs (Under Sections 529 and 530), is used to report distributions from private and state qualified tuition programs as required under Internal Revenue Code sections 529 and 530. A Form 1099-Q is filed if you (a) are an officer or an employee, or the designee of an officer or employee, having control of a program established by a state or eligible educational institution; and (b) made a distribution from a qualified tuition program (QTP). A trustee of a Coverdell education savings account (ESA) must file Form 1099-Q to report distributions made from Coverdell ESAs. To lessen the burden for payers, Form 1099-Q was developed to report distributions from private and state qualified tuition programs. A copy of the Form 1099-Q must be furnished to the recipient.

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Authorizing Statute(s): US Code: 26 USC 530 Name of Law: Coverdell education savings accounts
   US Code: 26 USC 529 Name of Law: Qualified tuition programs
  

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:
	79 FR 6999	02/05/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 43821	07/28/2014
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
Payments From Qualified Education Programs (Under Sections 529 and 530)	1099-Q	Payments From Qualified Education Programs (Under Sections 529 and 530)

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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	2,409,500	150,000	0	0	2,259,500	0
Annual Time Burden (Hours)	530,090	33,000	0	0	497,090	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: A more accurate accounting of the number of annual responses have been obtained from the 2013 IRS Publication 6961 (2013), "Calendar Year Projections of Information and Withholding Documents for the United States and IRS Campuses.". The Office of Research staff within the Research, Analysis and Statistics, IRS, provides calendar year projections of information and withholding documents (IRP) on an annual basis to accommodate more recent filing experiences, which includes the Form 1099-Q. The increase of 2,259,500 (from 33,000) responses is based on the actual forms processed in 2012. The increase of 497,090 burden hours is attributed to an adjustment in the estimate.

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Annual Cost to Federal Government: $8,000

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]? 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: 07/29/2014

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