Form 5498-QA (ABLE Account Contribution Information) and 1099-QA (Distributions from ABLE Accounts)

Forms and Documents

Document Name	Status
Form 5498-QA (UPDATED) Supporting_Statement.doc Supporting Statement A	2015-06-17

IC Document Collections

IC ID	Document Title	Status
215991	ABLE Account Contribution Information Instruction	New

ICR Details

OMB Control No: 1545-2262	ICR Reference No: 201504-1545-006
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Ready
Title: Form 5498-QA (ABLE Account Contribution Information) and 1099-QA (Distributions from ABLE Accounts)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 06/12/2015
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/17/2015
	Date Received in OIRA: 05/19/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2015	6 Months From Approved
Responses	20,000	0	0
Time Burden (Hours)	3,600	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This form will be used to report the contributions of Achieving a Better Life Experience (ABLE) accounts under IRC 529A. IRS uses the information to verify compliance with the reporting rules and to verify that the recipient has included the proper amount of income on his or her income tax return.

Emergency Justfication: The ABLE Act is effective January 1, 2015. The act requires information reporting to the IRS for distributions and contributions from and to the ABLE accounts. We need the information returns available early so that the ABLE Act account providers can do the computer programing for the information that has to be reported to the IRS. Taxpayers will be harmed because they will not be able to comply with the reporting requirements of the ABLE Act, if the information returns are not available for filing.

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Authorizing Statute(s): US Code: 26 USC 529A Name of Law: Qualified Tuition Program
  

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

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
ABLE Account Contribution Information	5498-QA, 1099-QA	ABLE Account Contribution Information ,   Distributions from ABLE Accounts

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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	20,000	0	0	20,000	0	0
Annual Time Burden (Hours)	3,600	0	0	3,600	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: These two new forms will result in a total burden increase of 3,600 hours. We ask that OMB approve the collection of information for these forms.

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Annual Cost to Federal Government: $2,000

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)? No

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: 05/19/2015

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