Waiver of 60-Day Rollover Requirement

Forms and Documents

Document Name	Status
rp-20-46.pdf Supplementary Document	2020-10-20
1545-2269 - Emergency Justification Memo 2020_Signed.pdf Supplementary Document	2020-10-16
1545-2269 Waiver rev proc 2020-XX.docx Supplementary Document	2020-10-16
Rev__Proc__2016_4.docx Supplementary Document	2017-01-23
Rev__Proc__2016_47.docx Supplementary Document	2017-01-23
Rev. Proc. 2003-16 (1).pdf Supplementary Document	2017-01-23
Supporting Statement - 1545-2269 .docx Supporting Statement A	2020-10-29

IC Document Collections

IC ID	Document Title	Status
222572	Waiver of 60-Day Rollover Requirement	Modified

ICR Details

OMB Control No: 1545-2269	ICR Reference No: 201910-1545-012
Status: Active	Previous ICR Reference No: 201701-1545-013
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Waiver of 60-Day Rollover Requirement
Type of Information Collection: Reinstatement without change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 10/16/2020
OIRA Conclusion Action: Approved with change	Conclusion Date: 11/02/2020
	Date Received in OIRA: 10/16/2020
Terms of Clearance: Supporting statement updated during review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2021	6 Months From Approved
Responses	160	0	0
Time Burden (Hours)	480	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 meets the requirements for a waiver of the 60-day requirement.

Emergency Justfication: The Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) are requesting approval of OMB Control No. 1545-2269 under emergency procedures in connection with modification and revisions of Rev. Proc. 2016-47, 2016-37 I.R.B. 346. Section 3.02(2) of Rev. Proc. 2016-47 provides a list of permissible reasons for self-certification of eligibility for a waiver of the 60 day rollover requirement. In response to requests from stakeholders, this revenue procedure modifies that list by adding a new reason: a distribution was made to a state unclaimed property fund. As under Rev. Proc. 2016-47, a self-certification relates only to the reasons for missing the 60-day deadline, not to whether a distribution is otherwise eligible to be rolled over. Section 3.04(1) of this revenue procedure provides examples of situations in which a distribution would not be eligible to be rolled over. The modification of Rev. Proc. 2016-47 will provide a means for taxpayers to roll over a distribution from a plan or IRA that was made to a state unclaimed property fund after the statutory 60-day deadline. In turn this modification will allow plan administrator and IRA trustees to accept and report contributions as rollover contributions and allow the IRS to determine if a taxpayer met the requirements for a waiver of the 60-day requirement. The agency is requesting the reinstatement of 1545-2269 in order to comply with PRA requirement and to release the modified Revenue Procedure due to come out in October. This reinstatement will result in an increase from the previous 1545-2269 burden due to the ICR being discontinued in error. The discontinuation reasoning was that burden was being accounted for under OMB control number 1545-0047 ICR 201811-1545-003, Return of Organization Exempt From Income Tax, under the IRS Taxpayer Burden Model (TBM). However, the burden collection in the revenue procedure affects individual taxpayers. The burden is not included in 1545-0047, nor was it included in the last 1545-0074 submission. The agency is requesting a reinstatement of 1545-2269, which increases the burden from zero to 160 responses and 480 annual burden time hours (the original ICR was 150 responses and 450 hours). The change in responses is being made as an update in agency estimates based on most recent data In light of the short timeline to provide guidance regarding the Waiver of the 60-day Rollover Requirement, the IRS plans to issue the Notice on October 16, 2020, and thus requests approval of the control numberby that date. Given the inability to seek public comment during such a short timeframe, IRS respectfully requests a waiver from the requirement to publish notice in the Federal Register seeking public comment during the period of Office of Management and Budget review.

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

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

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

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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	160	0	0	10	0	150
Annual Time Burden (Hours)	480	0	0	30	0	450
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 modification of Rev. Proc. 2016-47. This revenue procedure is being issued to provide a means for taxpayers to roll over a distribution from a plan or IRA that was made to a state unclaimed property fund after the statutory 60-day deadline. There is an increase in the estimated number of responses/respondents from 150 to 160 (increase of 10), and in the overall time burden estimate (from 450 hours to 480 hours = 30 hours) from what had been previously approved. This OMB control number is also being reinstated after having been erroneously discontinued due to an administrative error.

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Annual Cost to Federal Government: $0

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.     No

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: 10/16/2020

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