IRA Contribution Information

Forms and Documents

Document Name	Status
Form 5498 IRA Contribution Information Form	Modified
2024 Supporting Statement 1545-0747.docx Supporting Statement A	2025-02-07

IC Document Collections

IC ID	Document Title	Status
17362	IRA Contribution Information Form	Modified

ICR Details

OMB Control No: 1545-0747	ICR Reference No: 202408-1545-018
Status: Received in OIRA	Previous ICR Reference No: 202107-1545-005
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: IRA Contribution Information
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/28/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2025
Responses	141,568,500	118,858,000
Time Burden (Hours)	58,043,085	48,731,780
Cost Burden (Dollars)	0	0

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Abstract: Form 5498 is used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement. The information on the form will be used by IRS to verify compliance with reporting rules under regulation section 1.408-5 and to verify that the participant of the IRA has made the contribution for which he or she is taking the deduction.

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Authorizing Statute(s): PL: Pub.L. 110 - 245 109 Name of Law: Heroes Earnings
   PL: Pub.L. 110 - 458 125 Name of Law: Worker, Retiree,
   PL: Pub.L. 110 - 343 Div C, Sec 504 Name of Law: Emergency Economic
   US Code: 26 USC 408(O)(4) Name of Law: Individual required to report amount of designated nondeductible contributions.
   PL: Pub.L. 109 - 280 831 Name of Law: Pension Protection Act
   PL: Pub.L. 116 - 94 Div O, Sec 113 Name of Law: Setting Every Community Up for Retirement Act
  

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:
	89 FR 80629	10/03/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 10996	02/28/2025
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
IRA Contribution Information	5498	IRA Contribution Information

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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	141,568,500	118,858,000	0	0	22,710,500	0
Annual Time Burden (Hours)	58,043,085	48,731,780	0	0	9,311,305	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: Changes were made to the burden previously approved to update the estimated number of responses based on the most recent filing data. The annual number of responses requested is 141,568,500 (an increase of 22,710,500 from the previously approved 118,858,000). No changes have been made to the form. The change in estimated responses results in an overall hourly burden increase of 9,311,305) current burden estimate is 58,043,085 and previously approved was 48,731,780).

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Annual Cost to Federal Government: $100,283

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: 02/28/2025

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