Life Insurance Statement

Forms and Documents

Document Name	Status
Form 712 Form 712 Form and Instruction	Modified
Supporting Statement-1545-0022.docx Supporting Statement A	2025-08-04

IC Document Collections

IC ID	Document Title	Status
16757	Form 712 Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0022	ICR Reference No: 202504-1545-011
Status: Received in OIRA	Previous ICR Reference No: 202110-1545-006
Agency/Subagency: TREAS/IRS	Agency Tracking No: Ready for Treasury
Title: Life Insurance Statement
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: 08/27/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	09/30/2025
Responses	60,000	60,000
Time Burden (Hours)	1,452,600	1,120,200
Cost Burden (Dollars)	0	0

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Abstract: Form 712 is used to establish the value of life insurance policies for estate and gift tax purposes. The tax is based on the value of these policies. The form is completed by life insurance companies and Executors file Form 712 with Form 706, 706-NA, or 709 for insurance policy or premium amounts.

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Authorizing Statute(s): US Code: 26 USC 2031 Name of Law: Definiton of gross estate
   US Code: 26 USC 2511 Name of Law: Transfer in general
   US Code: 26 USC 2042 Name of Law: Proceeds of life insurance
   US Code: 26 USC 2033 Name of Law: Property in which the decedent had an interest
  

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:
	90 FR 9802	02/18/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 41868	08/27/2025
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
Form 712	712	Life Insurance Statement

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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	60,000	60,000	0	0	0	0
Annual Time Burden (Hours)	1,452,600	1,120,200	0	0	332,400	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: There are no changes being made to the Form 712. However, updates to burden calculations will result in a change of 332,400 burden hours.

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Annual Cost to Federal Government: $27,346

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.     No

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.     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? 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: 08/27/2025

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