Waiver of 60-Day Rollover Requirement

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Supporting Statement - waiver rev proc (4).docx	Supporting Statement A	Uploaded 2016-07-21	Available
Rev. Proc. 2016-XX - 60-day-waiver guidance (6-6-16)(checked).docx	Supplementary Document	Uploaded 2016-07-21	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
222572	Waiver of 60-Day Rollover Requirement	Other-null	New

ICR Details

OMB Control No: 1545-2269	ICR Reference No: 201607-1545-035
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Waiver of 60-Day Rollover Requirement
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 08/22/2016
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/17/2016
	Date Received in OIRA: 08/17/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2017	6 Months From Approved
Responses	150	0	0
Time Burden (Hours)	450	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This information will be used by plan administrators and IRA trustees to accept contributions as rollover contributions and to report these contributions as rollover contributions. The IRS may also use the information to determine if a taxpayer meet the requirements for a waiver of the 60-day requirement.

Emergency Justfication: Rev. Proc. 2016-xx will allow taxpayers to restore the balance in their retirement accounts when they fail to roll over a distribution from a plan or IRA within the 60 days required by statute because of an unforeseen emergency, such as a serious illness, that prevented the timely rollover. Without this revenue procedure, the only way for a taxpayer to return money to his or her retirement account after the 60-day deadline is to pay a new $10,000 user fee for a ruling from IRS’s Tax Exempt and Government Entities Division (TE/GE) waiving the deadline. There is one exception: where the failure is due entirely to an error on the part of the financial institution maintaining the plan or IRA. Due to a lack of resources, TE/GE is unable to offer a reduced-fee rulings program as is offered by other parts of IRS. Prior to February this year, the user fee was graduated according to the amount of the rollover with a maximum fee of $3,000 for rollovers of $100,000 or more. The new fee is out of reach or unjustifiable for most taxpayers, which will result in a permanent loss of retirement funds for these taxpayers. The National Taxpayer Advocate has described this revenue procedure as “very taxpayer-positive guidance” and would like to see it released to the public as soon as possible. In addition to benefitting taxpayers, the guidance will require IRA trustees to report the acceptance of a late rollover on Form 5498, IRA Contribution Information, beginning in 2017. If the guidance had to wait for the normal review process, it would not be issued in time to be included in the 2017 Form 5498 Instructions. For these reasons, we ask that OMB approve the collection of information on an expedited basis. The Chief Counsel’s Office, TE/GE and Treasury’s Office of Benefits Tax Counsel have taken all practicable steps to minimize the burden of the collection of information. By providing a model letter for taxpayers, which requires only simple entries, we have minimized the burden on taxpayers.

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Authorizing Statute(s): US Code: 26 USC 408 Name of Law: Individual retirement accounts
   US Code: 26 USC 402 Name of Law: Taxability of beneficiary of employees' trust
  

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

Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Waiver of 60-Day Rollover Requirement

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ICR Summary of Burden

table that charts list 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	150	0	0	150	0	0
Annual Time Burden (Hours)	450	0	0	450	0	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: This is a new revenue procedure. This revenue procedure is being issued to provide a means for taxpayers to roll over a distribution from a plan or IRA after the statutory 60-day deadline. The 450 hour increase and increase in responses (150) is due to this being a new information collection request.

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Annual Cost to Federal Government:

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: 08/17/2016

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