Form 1041-QFT U.S. Income Tax Return for Qualified Funeral Trusts

Forms and Documents

Document	Type	Status	Availability
Form 1041-QFT Form 1041--QFT U.S. Income Tax Return for Qualified Funeral Trusts	Form	Modified	Repair queued
1545-1593 Supporting Statement.docx	Supporting Statement A	Uploaded 2023-11-29	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
18852	Form 1041--QFT U.S. Income Tax Return for Qualified Funeral Trusts	Form	Modified

ICR Details

OMB Control No: 1545-1593	ICR Reference No: 202311-1545-017
Status: Received in OIRA	Previous ICR Reference No: 202209-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1041-QFT U.S. Income Tax Return for Qualified Funeral Trusts
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 12/14/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2026
Responses	15,000	15,000
Time Burden (Hours)	310,350	277,500
Cost Burden (Dollars)	0	0

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Abstract: Internal Revenue Code section 685 allows the trustee of certain trusts to make an election for the trust to be taxed as a qualified funeral trust (QFT). The trustee of a QFT files Form 1041–QFT to report the income, deductions, gains, losses, and tax liability of the QFT. The IRS uses the information on the form to determine that the trustee filed the proper return and paid the correct tax.

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Authorizing Statute(s): US Code: 26 USC 685 Name of Law: Treatment of funeral costs.
   US Code: 26 USC 671 Name of Law: Trust income, deductions, and credits attributable to grantors and others as substantial owners
   PL: Pub.L. 117 - 169 13801 Name of Law: Inflation Reduction Act of 2022
  

Citations for New Statutory Requirements: PL: Pub.L. 117 - 169 13801 Name of Law: Inflation Reduction Act of 2022

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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:
	88 FR 67438	09/29/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 86731	12/14/2023
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
Form 1041--QFT U.S. Income Tax Return for Qualified Funeral Trusts	1041-QFT	U.S. Income Tax Return for Qualified Funeral Trusts

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ICR Summary of Burden

	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	15,000	15,000	0	0	0	0
Annual Time Burden (Hours)	310,350	277,500	32,850	0	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: No

Burden Reduction Due to:

Short Statement: To comply with 13801 of the Inflation Reduction Act (P.L. 117-169), line 18 was added to the form to include the elective payment election amount reported on Form 3800. This increases the burden by 32,850 hours due to New Statute.

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Annual Cost to Federal Government: $87,748

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.     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: 12/14/2023

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