Form 1098 Mortgage Interest Statement; TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages

Forms and Documents

Document Name	Status
Form 1098 Form 1098 Mortgage Interest Statement Form	Modified
2018-09-20_SS_1545-1380rSC.doc Supporting Statement A	2018-09-20

IC Document Collections

IC ID	Document Title	Status
218254	Form 1098 Mortgage Interest Statement Form	Modified
18219	TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages	Modified

ICR Details

OMB Control No: 1545-1380	ICR Reference No: 201808-1545-026
Status: Historical Active	Previous ICR Reference No: 201509-1545-009
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1098 Mortgage Interest Statement; TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages
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: 12/20/2018
	Date Received in OIRA: 10/26/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2019	36 Months From Approved	12/31/2018
Responses	76,970,660	0	68,245,715
Time Burden (Hours)	19,211,581	0	8,321,755
Cost Burden (Dollars)	0	0	0

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Abstract: To encourage compliance with the tax laws relating to the mortgage interest deduction, the regulations require the reporting on Form 1098 of points paid on residential mortgage. Only businesses that receive mortgage interest in the course of a trade or business are affected by this reporting requirement.

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Authorizing Statute(s): US Code: 26 USC 6050 Name of Law: Information Concerning Transactions With Other Persons
   PL: Pub.L. 115 - 97 11043 Name of Law: Deduction for Home Mortgage Interest
  

Citations for New Statutory Requirements: PL: Pub.L. 115 - 97 11043 Name of Law: Mortgage Interest Deduction

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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:
	83 FR 27375	06/12/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 52614	10/17/2018
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 1098 Mortgage Interest Statement	1098, 1098	Mortage Interest Statement ,   Mortgare Interest Statement
TD 8571 (Formerly IA-17-90) Reporting Requirements for Recipients of Points Paid on Residential Mortgages

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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	76,970,660	68,245,715	0	0	8,724,945	0
Annual Time Burden (Hours)	19,211,581	8,321,755	2,006,737	8,883,089	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The change in the burden previously approved by OMB resulted from combining the ICs for form 1098 and TD 8571 under one OMB control number; however, did not include the burden estimates of both collections resulting in an increase of 8,883,089 of burden hours. Change in estimate responses increased from 66,989,155 to 75,714,100, an increase of 8,724,945 in filers. Other changes to the burden estimates were due to PL 115-97 section 11043 Act; that added new box "11" to Form1098. The new box increased the response time from .23 hours to .25 hours per response, resulting in an increase due to statute of 2,006,737 hours.

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Annual Cost to Federal Government: $102,663

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? 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: 10/26/2018

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