Guidance under Section 529A: Qualified ABLE Programs

ICR 202003-1545-010

OMB: 1545-2293

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2020-10-21
IC Document Collections
IC ID
Document
Title
Status
240839
New
ICR Details
1545-2293 202003-1545-010
Historical Inactive
TREAS/IRS
Guidance under Section 529A: Qualified ABLE Programs
New collection (Request for a new OMB Control Number)   No
Regular
Preapproved 12/11/2020
Retrieve Notice of Action (NOA) 10/21/2020
  Inventory as of this Action Requested Previously Approved
12/31/2023 36 Months From Approved
28,987 0 0
10,729 0 0
0 0 0

Section 529A of the Internal Revenue Code was enacted on December 19, 2014, under The Stephen Beck, Jr., Achieving a Better Life Experience (ABLE) Act of 2014, as part of The Tax Increase Prevention Act of 2014 (Public Law 113-295). Section 529A provides rules under which States or State agencies or instrumentalities may establish and maintain a new type of tax-favored savings program through which contributions may be made to the account of an eligible disabled individual to meet qualified disability expenses. These accounts also receive favorable treatment for purposes of certain means-tested Federal programs. This collection covers a regulation that provides guidance about the requirements applicable to qualified ABLE programs and individuals seeking to establish ABLE accounts under such programs.

US Code: 26 USC 529A Name of Law: Achieving a Better Life Experience (ABLE)
   PL: Pub.L. 113 - 295 102 Name of Law: Tax Increase Prevention Act
  
US Code: 26 USC 529A Name of Law: Achieving a Better Life Experience (ABLE)
PL: Pub.L. 113 - 295 102 Name of Law: Tax Increase Prevention Act

1545-BM68 Proposed rulemaking 80 FR 35602 06/22/2015

No

1
IC Title Form No. Form Name
Qualified ABLE program

  Total Request 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 28,987 0 28,987 0 0 0
Annual Time Burden (Hours) 10,729 0 10,729 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Section 529A of the Internal Revenue Code was enacted on December 19, 2014, under The Stephen Beck, Jr., Achieving a Better Life Experience (ABLE) Act of 2014, as part of The Tax Increase Prevention Act of 2014 (Public Law 113-295). Section 529A provides rules under which States or State agencies or instrumentalities may establish and maintain a new type of tax-favored savings program through which contributions may be made to the account of an eligible disabled individual to meet qualified disability expenses. This new collection covers a regulation that provides guidance about the requirements applicable to qualified ABLE programs and individuals seeking to establish ABLE accounts under such programs.

$0
No
    No
    No
No
No
No
No
Terri Harris 202 317-4807

  No

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.
10/21/2020


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