Foreign Tax Credit (Estate or Trust)

Forms and Documents

Document	Type	Status	Availability
Form 1116 Foreign Tax Credit (Estate or Trust)	Form	Modified	Available
1545-0121 SS 2020-10-29.docx	Supporting Statement A	Uploaded 2020-10-30	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
39545	Foreign Tax Credit (Estate or Trust)	Form	Modified

ICR Details

OMB Control No: 1545-0121	ICR Reference No: 202010-1545-010
Status: Active	Previous ICR Reference No: 201704-1545-023
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Foreign Tax Credit (Estate or Trust)
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: 12/15/2020
	Date Received in OIRA: 10/30/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2023	36 Months From Approved	12/31/2020
Responses	414,326	0	4,143,255
Time Burden (Hours)	2,506,600	0	25,066,693
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1116 is used by individuals (including nonresident aliens) estates or trusts that paid foreign income taxes on U.S. taxable income to compute the foreign tax credit. This information is used by the IRS to verify the foreign tax credit.

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Authorizing Statute(s): US Code: 26 USC 904 Name of Law: Limitation on credit.
   US Code: 26 USC 905 Name of Law: Applicable Rules
   US Code: 26 USC 901 Name of Law: Taxes of foreign countries and of possessions of United States
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 33792	06/02/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 68415	10/28/2020
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
Foreign Tax Credit (Estate or Trust)	1116	Foreign Tax Credit (Individual, Estate, or Trust)

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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	414,326	4,143,255	0	-3,728,929	0	0
Annual Time Burden (Hours)	2,506,600	25,066,693	0	-22,560,093	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The burden associated with OMB Control No. 1545-0121 has been updated to reflect only the burdens associated with filing of Form 1116 for estates and trusts; the burdens for individual filers is now covered under OMB Control No. 1545-0074.

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Annual Cost to Federal Government: $7,775

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.     Yes

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: 10/30/2020

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