View Information Collection Request (ICR) Package
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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:
1545-0121
ICR Reference No:
202112-1545-011
Status:
Historical Active
Previous ICR Reference No:
202010-1545-010
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 1116, Foreign Tax Credit
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:
02/23/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/14/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2025
36 Months From Approved
12/31/2023
Responses
454,326
0
414,326
Time Burden (Hours)
2,531,600
0
2,506,600
Cost Burden (Dollars)
0
0
0
Abstract:
Form 1116 and its schedules are used by individuals, estates, and trusts to claim a credit for certain taxes paid or accrued during the taxable year to a foreign country or a possession of the United States, subject to the limitations of IRC section 904. This information is used by the IRS to verify the foreign tax credit. The information collection burden estimates associated with the filing of Form 1116 and its schedules by individuals are covered under OMB Control Number 1545-0074. This information collection request (ICR) reflects only the burdens associated with the filing of Form 1116 and its schedules by estates and trusts that are claiming the foreign tax credit.
Authorizing Statute(s):
US Code:
26 USC 904
Name of Law: Limitation on credit.
US Code:
26 USC 905
Name of Law: Applicable Rules
US Code:
26 USC 901
Name of Law: Taxes of foreign countries and of possessions of United States
US Code:
26 USC 6011
Name of Law: General Requirement Of Return, Statement, Or List
PL:
Pub.L. 115 - 97 14101-14103
Name of Law: Tax Cuts and Jobs Act
Citations for New Statutory Requirements:
PL: Pub.L. 115 - 97 14101-14103 Name of Law: Tax Cuts and Jobs Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
86 FR 59270
10/26/2021
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 1486
01/11/2022
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Foreign Tax Carryover Reconciliation (Estate or Trust)
1116 Schedule B
Foreign Tax Carryover Reconciliation Schedule
Foreign Tax Credit (Estate or Trust)
1116
Foreign Tax Credit (Individual, Estate, or Trust)
Foreign Tax Redeterminations (Estate or Trust)
1116 Schedule C
Foreign Tax Redeterminations
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
454,326
414,326
40,000
0
0
0
Annual Time Burden (Hours)
2,531,600
2,506,600
25,000
0
0
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:
Form 1116 Schedules B and C were developed to assist taxpayers in complying with the changes made to the Internal Revenue Code by the Tax Cuts and Jobs Act, P.L. 115-97, and accurately report the required information to the IRS.
Annual Cost to Federal Government:
$144,874
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?
No
Agency Contact:
Craig Schor 240 613-5811 craig.schor@irs.gov
Common Form ICR:
No
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:
01/14/2022
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