Credit for Prior Year Minimum Tax - Individuals, Estates and Trusts

Forms and Documents

Document Name	Status
Form 8801 Credit for Prior Year Minimum Tax - Individuals, Estates and Trusts Form	Modified
Form 8801 OMB Statement 2010.doc Justification for No Material/Nonsubstantive Change	2011-01-31

IC Document Collections

IC ID	Document Title	Status
40023	Credit for Prior Year Minimum Tax - Individuals, Estates and Trusts Form	Modified

ICR Details

OMB Control No: 1545-1073	ICR Reference No: 201101-1545-020
Status: Historical Active	Previous ICR Reference No: 200807-1545-030
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Credit for Prior Year Minimum Tax - Individuals, Estates and Trusts
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/10/2011
	Date Received in OIRA: 02/03/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2011	11/30/2011	11/30/2011
Responses	12,914	0	12,914
Time Burden (Hours)	93,756	0	89,107
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8801 is used by individuals, estates, and trusts to compute the minimum tax credit, if any, available from a tax year beginning after 1986 to be used in the current year or to be carried forward for use in a future year.

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Authorizing Statute(s): US Code: 26 USC 53 Name of Law: Credit for prior year minimum tax liability
  

Citations for New Statutory Requirements: PL: Pub.L. 109 - 222 301 Name of Law: Tax Increase Prevention and Reconciliation Act of 2005
PL: Pub.L. 110 - 166 2 Name of Law: The Tax Increase Prevention Act of 2007
PL: Pub.L. 110 - 172 2, 4(c) Name of Law: Tax Technical Corrections Act of 2007
PL: Pub.L. 110 - 28 8241 Name of Law: U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq
PL: Pub.L. 111 - 5 1012, 1503 Name of Law: American Recovery and Reinvestment Act of 2009

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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:
	73 FR 29179	05/20/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 57407	10/02/2008
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
Credit for Prior Year Minimum Tax - Individuals, Estates and Trusts	8801	Credit For Prior Year Minimum Tax -- Individuals, Estates, and Trusts

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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	12,914	12,914	0	0	0	0
Annual Time Burden (Hours)	93,756	89,107	4,649	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: Form 8801 is used by individuals, estates, and trusts to compute the minimum tax credit. Former lines 22, 23, 60 and 61 have been deleted. These lines were needed for 2008 and 2009 to increase the minimum tax credit and the AMT refundable credit amount by 50% of certain unpaid interest and penalties attributable to the exercise of incentive stock options. That treatment was allowed by Public Law 110-343 (Division C), section 103(b), but only for 2008 and 2009. The lines following line 21 have been renumbered accordingly. Minor changes were made to other lines on the form to update various inflation-adjusted dollar amounts and references to lines on other forms. Corresponding changes were made to the form instructions. The burden has increased by 4,649 hours as a result of these statutory changes.

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Annual Cost to Federal Government: $672

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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)? Yes

Is this ICR related to the Pandemic Response? Uncollected

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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: 02/03/2011

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