[Federal Register Volume 66, Number 113 (Tuesday, June 12, 2001)]
[Notices]
[Page 31757]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-14764]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 5329

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, 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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 5329, Additional Taxes Attributable to IRAs, Other Qualified 
Retirement Plans, Annuities, Modified Endowment Contracts, and MSAs.

DATES: Written comments should be received on or before August 13, 
2001, to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Allan 
Hopkins, (202) 622-6665, Internal Revenue Service, room 5244, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Additional Taxes Attributable to IRAs, Other Qualified 
Retirement Plans, Annuities, Modified Endowment Contracts, and MSAs.
    OMB Number: 1545-0203.
    Form Number: 5329.
    Abstract: Form 5329 is used to collect taxes related to: Early 
distributions from individual retirement arrangements (IRAs) and other 
qualified retirement plans; distributions from education (ED) IRAs not 
used for educational expenses; excess contributions to traditional 
IRAs, ED IRAs, and medical savings accounts (MSAs); and excess 
accumulations in qualified retirement plans.
    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 Respondents: 1,000,000.
    Estimated Time Per Respondent: 56 min.
    Estimated Total Annual Burden Hours: 937,000.
    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: June 5, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-14764 Filed 6-11-01; 8:45 am]
BILLING CODE 4830-01-