Form 1098 Mortgage Interest Statement; TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages

Forms and Documents

Document Name	Status
Form 1098 Form 1098 Mortgage Interest Statement Form	Modified
1545-1380 Supporting Statement 2019-12-19.docx Supporting Statement A	2019-12-19

IC Document Collections

IC ID	Document Title	Status
218254	Form 1098 Mortgage Interest Statement Form	Modified
18219	TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages	Unchanged

ICR Details

OMB Control No: 1545-1380	ICR Reference No: 201904-1545-018
Status: Active	Previous ICR Reference No: 201808-1545-026
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1098 Mortgage Interest Statement; TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/10/2020
	Date Received in OIRA: 12/27/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2023	36 Months From Approved	07/31/2020
Responses	80,650,960	0	76,970,660
Time Burden (Hours)	20,131,656	0	19,211,581
Cost Burden (Dollars)	0	0	0

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Abstract: To encourage compliance with the tax laws relating to the mortgage interest deduction, the regulations require the reporting on Form 1098 of points paid on residential mortgage. Only businesses that receive mortgage interest in the course of a trade or business are affected by this reporting requirement.

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Authorizing Statute(s): US Code: 26 USC 6050 Name of Law: Information Concerning Transactions With Other Persons
   PL: Pub.L. 115 - 97 11043 Name of Law: Deduction for Home Mortgage Interest
  

Citations for New Statutory Requirements: PL: Pub.L. 115 - 97 11043 Name of Law: Mortgage Interest Deduction

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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:
	84 FR 25334	05/31/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 71531	12/27/2019
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
Form 1098 Mortgage Interest Statement	1098	Mortgage Interest Statement
TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages

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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	80,650,960	76,970,660	0	0	3,680,300	0
Annual Time Burden (Hours)	20,131,656	19,211,581	0	0	920,075	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: Changes in burden are due to increase in estimated filers to 79,394,400 for Form 1098 which results in an increase of burden hours of 920,075 for Form 1098. The overall burden hours for both Form 1098 and TD 8571 is 20,131,656.

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Annual Cost to Federal Government: $96,924

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 12/27/2019

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