Longevity Annuity Contracts

ICR 202012-1545-003

OMB: 1545-2234

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Supporting Statement A
2021-02-24
IC Document Collections
IC ID
Document
Title
Status
201162 Modified
ICR Details
1545-2234 202012-1545-003
Received in OIRA 201711-1545-016
TREAS/IRS
Longevity Annuity Contracts
Extension without change of a currently approved collection   No
Regular 02/26/2021
  Requested Previously Approved
36 Months From Approved 02/28/2021
213,966 213,966
28,529 28,529
0 0

Form 1098-Q implement the reporting requirements under previously approved Treasury Decision (TD) 9673. Any person who issues a contract purchased or held under any plan, annuity, or account described in IRC section 401(a), 433(b) or 408 (other than a Roth IRA) or eligible governmental plan under section 457(b) must file Form 1098-Q. TD 9673 contains previously approved final regulations relating to the use of longevity annuity contracts in tax qualified defined contribution plans under section 401(a) of the Internal Revenue Code (Code), section 403(b) plans, individual retirement annuities and accounts (IRAs) under section 408, and eligible governmental plans under section 457(b). These regulations will provide the public with guidance necessary to comply with the required minimum distribution rules under section 401(a)(9) applicable to an IRA or a plan that holds a longevity annuity contract. The regulations will affect individuals for whom a longevity annuity contract is purchased under these plans and IRAs (and their beneficiaries), sponsors and administrators of these plans, trustees and custodians of these plans and IRAs, and insurance companies that issue longevity annuity contracts under these plans and IRAs.

US Code: 26 USC 401 Name of Law: Pension, Profit-Sharing, Stock Bonus Plans, Etc.
   US Code: 26 USC 403(b) Name of Law: Taxation of employee annuities
   US Code: 26 USC 408 Name of Law: Individual Retirement Accounts
   US Code: 26 USC 457(b) Name of Law: Deferred compensation plans of State and local governments and tax-exempt organizations
  
None

Not associated with rulemaking

  85 FR 61797 09/30/2020
86 FR 10437 02/19/2021
No

1
IC Title Form No. Form Name
TD 9673 - Longevity Annuity Contracts 1098-Q Qualifying Longevity Annuity Contract Information

  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 213,966 213,966 0 0 0 0
Annual Time Burden (Hours) 28,529 28,529 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$62,060
No
    Yes
    Yes
No
No
No
No
Milannie Molina 559 454-6915

  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.
02/26/2021


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