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:
1545-0747
ICR Reference No:
202408-1545-018
Status:
Active
Previous ICR Reference No:
202107-1545-005
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
IRA Contribution Information
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/08/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/28/2025
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2028
36 Months From Approved
04/30/2025
Responses
141,568,500
0
118,858,000
Time Burden (Hours)
58,043,085
0
48,731,780
Cost Burden (Dollars)
0
0
0
Abstract:
Form 5498 is used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement. The information on the form will be used by IRS to verify compliance with reporting rules under regulation section 1.408-5 and to verify that the participant of the IRA has made the contribution for which he or she is taking the deduction.
Authorizing Statute(s):
PL:
Pub.L. 110 - 245 109
Name of Law: Heroes Earnings
PL:
Pub.L. 110 - 458 125
Name of Law: Worker, Retiree,
PL:
Pub.L. 110 - 343 Div C, Sec 504
Name of Law: Emergency Economic
US Code:
26 USC 408(O)(4)
Name of Law: Individual required to report amount of designated nondeductible contributions.
PL:
Pub.L. 109 - 280 831
Name of Law: Pension Protection Act
PL:
Pub.L. 116 - 94 Div O, Sec 113
Name of Law: Setting Every Community Up for Retirement Act
Citations for New Statutory Requirements:
None
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:
89 FR 80629
10/03/2024
30-day Notice:
Federal Register Citation:
Citation Date:
90 FR 10996
02/28/2025
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
IRA Contribution Information
5498
IRA Contribution Information
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
141,568,500
118,858,000
0
0
22,710,500
0
Annual Time Burden (Hours)
58,043,085
48,731,780
0
0
9,311,305
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:
Changes were made to the burden previously approved to update the estimated number of responses based on the most recent filing data. The annual number of responses requested is 141,568,500 (an increase of 22,710,500 from the previously approved 118,858,000). No changes have been made to the form. The change in estimated responses results in an overall hourly burden increase of 9,311,305) current burden estimate is 58,043,085 and previously approved was 48,731,780).
Annual Cost to Federal Government:
$100,283
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:
Christine Best 859 320-3410 christine.a.best@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:
02/28/2025
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