Form 1099-INT - Interest Income

Forms and Documents

Document Name	Status
Form 1099-INT Form 1099-INT - Interest Income Form	Modified
1545-0112 SS (Form 1099-INT).docx Supporting Statement A	2017-02-28

IC Document Collections

IC ID	Document Title	Status
190872	Box 5 burden for Form 1099-INT	Modified
16925	Form 1099-INT - Interest Income Form	Modified

ICR Details

OMB Control No: 1545-0112	ICR Reference No: 201701-1545-012
Status: Historical Active	Previous ICR Reference No: 201309-1545-040
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1099-INT - Interest Income
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/13/2017
	Date Received in OIRA: 02/28/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2020	36 Months From Approved	07/31/2017
Responses	141,555,000	0	243,536,300
Time Burden (Hours)	46,403,150	0	63,079,438
Cost Burden (Dollars)	0	0	0

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Abstract: This form is used for reporting interest income paid, as required by sections 6049 and 6041 of the Internal Revenue Code. It is used to verify that payees are correctly reporting their income.

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Authorizing Statute(s): US Code: 26 USC 6049 Name of Law: Returns regarding payments of interest
   US Code: 26 USC 6041 Name of Law: Information at source
  

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:
	81 FR 79095	11/10/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 12026	02/27/2017
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Form 1099-INT - Interest Income	1099-INT	Interest Income
Box 5 burden for Form 1099-INT

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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	141,555,000	243,536,300	0	0	-101,981,300	0
Annual Time Burden (Hours)	46,403,150	63,079,438	0	16,977,541	-33,653,829	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Based on estimated filing figures, the number of responses has decreased by 101,981,300 (243,536,300 to 141,555,000). This change results in a burden decrease of 33,653,829 hours. New box 10 for reporting market discount and new box 11 for reporting bond premium (renumbered prior 10 and 11)(TD 9616 made changes to Treas. Regulations 1.6045-1 to include basis reporting by broker transactions involving debt instruments and options). Also, two new boxes were added to the form. New Box 12 is reserved for future developments and box 13 is for Tax-exempt bond premium (TD 9616 and letter dated January 27, 2014, from the Securities Industry and Financial Markets Association (SIMFA). We also added a check box to indicate that there is a FATCA filing requirement regarding information reported on the form. (P.L. 111-147, Section 501 and email from FATCA team via section chief 6/9/2014.) These changes will result in a program change increase of 16,977,541 hours.

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Annual Cost to Federal Government: $405,852

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: 02/28/2017

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