Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices 77239 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 1116 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Internal Revenue Service, 

as part of its continuing effort to reduce 

paperwork and respondent burden, 

invites the general public and other 

Federal agencies to take this 

opportunity to comment on proposed 

and/or continuing information 

collections, as required by the 

Paperwork Reduction Act of 1995. 

Currently, the IRS is soliciting 

comments concerning, Foreign Tax 

Credit (Individual, Estate, or Trust). 

DATES: Written comments should be 

received on or before November 19, 

2024 to be assured of consideration. 

ADDRESSES: Direct all written comments 

to Andres Garcia, Internal Revenue 

Service, Room 6526, 1111 Constitution 

Avenue NW, Washington, DC 20224, or 

by email to pra.comments@irs.gov. 

Include OMB Control No. 1545–0121 in 

the subject line of the message. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the form and instructions 

should be directed to LaNita Van Dyke, 

at (202)–317–6009, Internal Revenue 

Service, Room 6526, 1111 Constitution 

Avenue NW, Washington, DC 20224, or 

through the internet at lanita.vandyke@

irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Foreign Tax Credit (Individual, 

Estate, or Trust). 

OMB Number: 1545–0121. 

Form Number: 1116, Schedules B and 

Schedule C. 

Abstract: Form 1116, Schedules B and 

Schedule C are used by individuals 

(including nonresident aliens), estates, 

or trusts who paid foreign income taxes 

on U.S. taxable income, to compute the 

foreign tax credit. This information is 

used by the IRS to determine if the 

foreign tax credit is properly computed. 

Current Actions: There are no changes 

being made to the form at this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

households. 

Estimated Number of Responses: 

454,326. 

Estimated Time per Respondent: 7.30 

hours. 

Estimated Total Annual Burden 

Hours: 2,531,600. 

The following paragraph applies to all 

of the collections of information covered 

by this notice: 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Books or records relating to a 

collection of information must be 

retained as long as their contents may 

become material in the administration 

of any internal revenue law. Generally, 

tax returns and tax return information 

are confidential, as required by 26 

U.S.C. 6103. 

Request for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for OMB approval. All 

comments will become a matter of 

public record. Comments are invited on: 

(a) whether the collection of information 

is necessary for the proper performance 

of the functions of the agency, including 

whether the information shall have 

practical utility; (b) the accuracy of the 

agency’s estimate of the burden of the 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be collected; (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology; 

and (e) estimates of capital or start-up 

costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: September 16, 2024. 

Molly J. Stasko, 

Senior Tax Analyst. 

[FR Doc. 2024–21503 Filed 9–19–24; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Information Collection 

Tool Relating to the Return by a 

Shareholder of a Passive Foreign 

Investment Company or Qualified 

Electing Fund 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Internal Revenue Service, 

as part of its continuing effort to reduce 

paperwork and respondent burden, 

invites the general public and other 

Federal agencies to take this 

opportunity to comment on continuing 

information collections, as required by 

the Paperwork Reduction Act of 1995. 

The IRS is soliciting comments 

concerning return by a shareholder of a 

passive foreign investment company or 

qualified electing fund and return by a 

shareholder making certain late 

elections to end treatment as a passive 

foreign investment company. 

DATES: Written comments should be 

received on or before November 19, 

2024 to be assured of consideration. 

ADDRESSES: Direct all written comments 

to Andres Garcia, Internal Revenue 

Service, room 6526, 1111 Constitution 

Avenue NW, Washington, DC 20224, or 

by email to pra.comments@irs.gov. 

Include OMB control number 1545– 

1002 or Form 8821 and Form 8821–A in 

the subject line of the message. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the form should be directed to 

Molly Stasko, at (202) 317–6206 or 

Internal Revenue Service, Room 6526, 

1111 Constitution Avenue NW, 

Washington, DC 20224, or through the 

internet, at Molly.J.Stasko@irs.gov. 

SUPPLEMENTARY INFORMATION:

Titles: Return by a Shareholder of a 

Passive Foreign Investment Company or 

Qualified Electing Fund and Return by 

a shareholder making certain late 

elections to end treatment as a passive 

foreign investment company. 

OMB Number: 1545–1002. 

Form Numbers: 8621and 8621–A. 

Abstract: Form 8621 is filed by a U.S. 

shareholder who owns stock in a foreign 

investment company. The form is used 

to report income, make an election to 

extend the time for payment of tax, and 

to pay an additional tax and interest 

amount. The IRS uses Form 8621 to 

determine if these shareholders have 

correctly reported amounts of income, 

made the election correctly, and have 

correctly computed the additional tax 

and interest amount. Form 8621–A is 

necessary for certain taxpayers/ 

shareholders who are investors in 

passive foreign investment companies 

(PFIC’s) to request late deemed sale or 

late deemed dividend elections (late 

purging elections) under Reg. 1.1298– 

3(e). The form provides a taxpayer/ 

shareholder the opportunity to fulfill 

the requirements of the regulation in 

making the election by asserting the 

following: (i) the election is being made 

before an IRS agent has raised on audit 

the PFIC status of the foreign 

corporation for any taxable year of the 

taxpayer/shareholder; (ii) the taxpayer/ 

shareholder is agreeing (by submitting 

Form 8621–A) to eliminate any 

prejudice to the interests of the U.S. 

government on account of the taxpayer/ 


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