Payments From Qualified Education Programs (Under Sections 529 and 530)

ICR 202405-1545-016

OMB: 1545-1760

Federal Form Document

IC Document Collections
ICR Details
1545-1760 202405-1545-016
Received in OIRA 202102-1545-017
TREAS/IRS
Payments From Qualified Education Programs (Under Sections 529 and 530)
Extension without change of a currently approved collection   No
Regular 07/31/2024
  Requested Previously Approved
36 Months From Approved 07/31/2024
3,649,000 3,689,800
802,780 811,756
0 0

Form 1099–Q, Payments From Qualified Education Programs (Under Sections 529 and 530), is used to report distributions from private and state qualified tuition programs as required under Internal Revenue Code sections 529 and 530. A Form 1099-Q is filed if you (a) are an officer or an employee, or the designee of an officer or employee, having control of a program established by a state or eligible educational institution; and (b) made a distribution from a qualified tuition program (QTP). A trustee of a Coverdell education savings account (ESA) must file Form 1099-Q to report distributions made from Coverdell ESAs. To lessen the burden for payers, Form 1099-Q was developed to report distributions from private and state qualified tuition programs. A copy of the Form 1099-Q must be furnished to the recipient.

US Code: 26 USC 530 Name of Law: Coverdell education savings accounts
   US Code: 26 USC 529 Name of Law: Qualified tuition programs
  
None

Not associated with rulemaking

  89 FR 23084 04/03/2024
89 FR 61586 07/31/2024
No

  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 3,649,000 3,689,800 0 0 -40,800 0
Annual Time Burden (Hours) 802,780 811,756 0 0 -8,976 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
There were no changes made to the forms that resulted in any change to the burden previously reported to OMB. We are making this submission to renew the OMB approval. IRS has updated the burden estimates to reflect current filing data. This has reduced the number of respondents by -40,800 and the corresponding burden hours by -8,976 due to Agency Estimate.

$36,159
No
    No
    No
No
No
No
No
Logan Warner 801 620-4355

  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.
07/31/2024


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