View Information Collection Request (ICR) Package

Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.

View ICR - OIRA Conclusion

OMB Control No: 1545-2283	ICR Reference No: 201809-1545-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 461 - Limitation on Business Losses
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/19/2018
	Date Received in OIRA: 12/12/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2021	36 Months From Approved
Responses	2,909,026	0	0
Time Burden (Hours)	1,105,430	0	0
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Change Due to New Statute
Annual Number of Responses	2,909,026	2,909,026
Annual Time Burden (Hours)	1,105,430	1,105,430
Annual Cost Burden (Dollars)	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: This is a new form developed as a result of the Tax Cuts and Jobs Act of 2017 limiting the losses attributable to the trade or businesses of non-corporate taxpayers. Losses in excess of a threshold amount ($250,000 for all filers except for married filing jointly, which is $500,000) are not allowed to be deducted in the current year. That amount is adjusted for inflation. However, the amount of the excess business loss is treated as a net operating loss carryover to the 2019 tax year. Taxpayers use the new Form 461 to compute the excess business loss. The excess business loss is treated as an additional income item on the tax return. The burden listed in the collection is applicable to all other filers except business filers which is accounted for under OMB control number 1545-0123.

Annual Cost to Federal Government: $0

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

Agency Contact: Ishmael Alejo 202 622-3695

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