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.
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.
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
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.
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:
(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;
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.
rp-20-46.pdf
1545-2269 Waiver rev proc 2020-XX.docx
Waiver of 60-Day Rollover Requirement