Agency Information Collection Activities; Submission for OMB Review; Comment Request; U.S. Individual Income Tax Return, 51565-51567 [2018-22180]

Download as PDF Federal Register / Vol. 83, No. 197 / Thursday, October 11, 2018 / Notices An open meeting of the Taxpayer Advocacy Panel Notices and Correspondence Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service. DATES: The meeting will be held Thursday, November 8, 2018. FOR FURTHER INFORMATION CONTACT: Gregory Giles at 1–888–912–1227 or 240–613–6478. SUPPLEMENTARY INFORMATION: Notice is hereby given pursuant to Section 10(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. App. (1988) that a meeting of the Taxpayer Advocacy Panel Notices and Correspondence Project Committee will be held Thursday, November 8, 2018, at 1:00 p.m. Eastern Time via teleconference. The public is invited to make oral comments or submit written statements for consideration. Due to limited conference lines, notification of intent to participate must be made with Otis Simpson. For more information please contact Otis Simpson at 1–888– 912–1227 or 202–317–3332, or write TAP Office, 1111 Constitution Ave. NW, Room 1509, Washington, DC 20224 or contact us at the website: http:// www.improveirs.org. The agenda will include various IRS issues. Gregory Giles. For more information please contact Gregory Giles at 1–888–912– 1227 or 240–613–6478, or write TAP Office, 1111 Constitution Ave. NW, Room 1509, Washington, DC 20224 or contact us at the website: http:// www.improveirs.org. The agenda will include various IRS issues. The agenda will include a discussion on various letters, and other issues related to written communications from the IRS. SUMMARY: DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Toll-Free Phone Line Project Committee Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. AGENCY: An open meeting of the Taxpayer Advocacy Panel Toll-Free Phone Line Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service. DATES: The meeting will be held Tuesday, November 13, 2018. FOR FURTHER INFORMATION CONTACT: Rosalind Matherne at 1–888–912–1227 or 202–317–4115. SUPPLEMENTARY INFORMATION: Notice is hereby given pursuant to Section 10(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Toll-Free Phone Line Project Committee will be held Tuesday, November 13, 2018, at 3:00 p.m. Eastern Time via teleconference. The public is invited to make oral comments or submit written statements for consideration. Due to limited conference lines, notification of intent to participate must be made with Rosalind Matherne. For more information please contact Rosalind Matherne at 1–888–912–1227 or 202– 317–4115, or write TAP Office, 1111 Constitution Ave. NW, Room 1509, Washington, DC 20224 or contact us at the website: http://www.improveirs.org. The agenda will include various IRS issues. The committee will be discussing Toll-free issues and public input is welcomed. SUMMARY: Dated: October 1, 2018. Lisa Billups, Acting Director, Taxpayer Advocacy Panel. Dated: October 1, 2018. Lisa Billups, Acting Director, Taxpayer Advocacy Panel. [FR Doc. 2018–22052 Filed 10–10–18; 8:45 am] BILLING CODE 4830–01–P [FR Doc. 2018–22053 Filed 10–10–18; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; U.S. Individual Income Tax Return DEPARTMENT OF THE TREASURY khammond on DSK30JT082PROD with NOTICES Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Notices and Correspondence Project Committee Departmental Offices, U.S. Department of the Treasury. ACTION: Notice. AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. AGENCY: VerDate Sep<11>2014 20:54 Oct 10, 2018 Jkt 247001 The Department of the Treasury will submit the following information collection request to the SUMMARY: PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 51565 Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on this request. DATES: Comments should be received on or before November 13, 2018 to be assured of consideration. ADDRESSES: Send comments regarding the burden estimate, or any other aspect of the information collection, including suggestions for reducing the burden, to (1) Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@ OMB.EOP.gov and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW, Suite 8100, Washington, DC 20220, or email at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained from Jennifer Quintana by emailing PRA@treasury.gov, calling (202) 622–0489, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: Internal Revenue Service (IRS) Title: U.S. Individual Income Tax Return. OMB Control Number: 1545–0074. Type of Review: Revision of a currently approved collection. Description: These forms and schedules are used by individuals to report their income tax liability. IRS uses the data collected on these forms and their schedules to compute tax liability and determine that the items claimed are properly allowable. This information is also used for general statistical purposes. Current Actions: 2018 Draft Form 1040 Following the most expansive tax law changes in 30 years, Treasury asked the IRS to look at ways to improve the 1040 filing experience. In response, the IRS took a strategic look at the family of 1040 forms with a goal of simplifying the experience for taxpayers and our partners in the tax industry. The 2018 draft Form 1040 replaces the current Form 1040 as well as the Form 1040A and the Form 1040EZ. The 2018 draft Form 1040 uses a ‘‘building block’’ approach, which can be supplemented with additional schedules as needed. The 2018 draft Form 1040 goes from the current 79 lines to somewhere around 23 lines. Taxpayers with straightforward E:\FR\FM\11OCN1.SGM 11OCN1 khammond on DSK30JT082PROD with NOTICES 51566 Federal Register / Vol. 83, No. 197 / Thursday, October 11, 2018 / Notices tax situations would only need to file this new 1040 with no additional schedules. The changes effective in 2018 and affecting the tax returns taxpayers will file in 2019 include (but are not limited to): Information for the standard deduction was moved below the name entry spaces. The checkbox for ‘‘Full-year health care coverage’’ was moved to the first page. The ‘‘Exemptions’’ section was renamed ‘‘Dependents.’’ Taxpayers will continue to list individuals for whom they claim tax benefits associated with an exemption. Only two dependents can be listed on the form itself. Just as in 2017, dependents who cannot be listed on the form must be identified in an attached statement. The entry spaces for subtotaling exemptions were removed; a new checkbox was added for dependents who qualify for the credit for other dependents. The signature block was moved. An entry space was added for the spouse’s identity protection PIN in lieu of the taxpayer’s daytime phone number. The ‘‘Paid Preparers’’ section was shortened and a third-party designee box was added. Taxpayers with third-party designees or a foreign address must attach Schedule 6. Line 4 (IRAs, pensions and annuities) combined 2017 Form 1040, lines 15 and 16. Line 6 is a subtotal from Schedule 1, which includes less common types of income, as well as any adjustments to income. Line 9 was added for the qualified business income deduction under section 199A. Line 11 is the chapter 1 tax. Taxpayers with less common situations will enter an amount from Schedule 2, which generally includes lines 44 through 47 of the 2017 Form 1040. Line 12 is the child tax credit and/or credit for other dependents. Taxpayers with other nonrefundable credits, will enter a subtotal from Schedule 3, which generally includes lines 48 through 55 of the 2017 Form 1040. Line 14 is a subtotal from Schedule 4, which generally includes the items from the ‘‘Other Taxes’’ section of the 2017 Form 1040. Line 17 is refundable credits and some payments. The earned income credit, additional child tax credit, and American opportunity tax credit remain on the form. Taxpayers with other credits and payments will enter an amount from Schedule 5, which generally includes items from the VerDate Sep<11>2014 20:54 Oct 10, 2018 Jkt 247001 ‘‘Payments’’ section of the 2017 Form 1040. Treasury’s Office of Tax Analysis projects that roughly 25% of projected 2018 individual income tax filers would be able to file the new form without any attachments (meaning any of the six new schedules or any existing forms or schedules that are retained). For context, in Tax Year 2015, 16% of 1040 series returns filed were Form 1040–EZ. Burden Impact Evaluation An analysis of the impact of the Tax Cuts and Jobs Act (TCJA) of 2017 on the burden faced by individual taxpayers in complying with the Federal tax law indicates that the overall impact of the law on individuals will lower taxpayer burden. Currently, the average time to complete a tax year 2018 individual tax return is estimated to decrease by 9% and the average out-of-pocket costs are estimated to decrease 2%. The expected impact of TCJA provisions by statutory and discretionary change are provided below: Statutory Changes—Overall, the statutory changes are expected to lead to an overall decrease in burden. There are three major changes that are expected to have a material impact on burden in the TCJA. The increase in the standard deduction and the limitation on the Schedule A tax deduction, taken together, are the most substantial changes introduced in the TCJA. These changes are expected to decrease the number of Schedule A filers from 46 million to 20 million. The 26 million drop in Schedule A filings and the elimination of certain Schedule A line items is expected to lead to decrease of 241,000,000 hours and a decrease of $2,948,000,000 in out-of-pocket costs. The change in thresholds on the Form 6251 for alternative minimum tax is expected to lead to a significant decrease in Form 6251 filings, from 10 million to 1 million or less. This change is expected to lead to a decrease of 13,000,000 hours and a decrease of $557,000,000 in out-of-pocket costs. The new Sec 199A Deduction for qualified business income is expected to increase burden for many filers who report sole proprietor and passthrough income. The deduction is also expected to increase the number of filers with sole proprietors and passthrough income which should increase burden. This change is expected to lead to an increase of 52,000,000 hours and an increase of $1,303,000,000. Additional changes, such as the adjustment of the child tax credit phaseout threshold and credit amount, PO 00000 Frm 00132 Fmt 4703 Sfmt 4703 the introduction of the older dependent credit, and the elimination of the domestic production credit are expected to have a net estimated impact of an increase of 2,000,000 hours and an increase of $64,000,000 of out-of-pocket costs. Overall, the decreases in burden from the change in Schedule A and Form 6251 filings are expected to more than offset the increase burden from the Sec 199A Deduction. Total statutory changes are expected decrease time burden by 200,000,000 and are expected to decrease out-of-pocket costs by $2,138,000,000. IRS Discretionary Changes—The largest discretionary change in place for tax year 2018 is the redesign of the Form 1040 and discontinuance of Forms 1040, 1040A, and 1040EZ. Modest decreases in burden are expected for some taxpayers who prepare by hand without using a paid preparer or tax software but overall, the transition from Forms 1040, 1040A, and 1040EZ to the shortened Form 1040 is not expected to have a material impact on the burden individual taxpayers face. Approximately 95% of individual taxpayers use a paid preparer or tax software to complete their tax return and almost 90% of individual taxpayers e-file. Currently, these taxpayers using assisted methods interact with either a tax software interface or a paid preparer so they have limited interaction with the tax forms themselves. There is very little expectation for their experience to change so the form redesign is not expected to have a material impact on them. The impact of the Form 1040 redesign on the approximately 5% of individual taxpayers who complete their taxes by hand without using a paid preparer or software is not expected to have a material impact on overall filing burden. The current expectation is that some taxpayers who prepare unassisted will have marginally lower burden while others will have marginally higher burden. For example, taxpayers who previously filed a Form 1040EZ may experience slightly more burden because they need to evaluate more information than before while a segment of taxpayers who previously filed the Form 1040 and 1040A may experience slightly less burden because they need to evaluate less information than before. In addition, some filers are expected to experience a reduction in burden from the separation of the components of the Form 1040 onto the new set of schedules while some are not. Overall, the minor increases and decreases that this population experiences are expected to mostly offset and are E:\FR\FM\11OCN1.SGM 11OCN1 Federal Register / Vol. 83, No. 197 / Thursday, October 11, 2018 / Notices expected to decrease time burden by 1,000,000 and decrease out-of-pocket costs by $5,000,000. Form: Form 1040 and Schedules 1, 2, 3, 4, 5, 6 and associated forms and schedules. Affected Public: Individuals and households. Estimated Number of Respondents: 157,800,000. Frequency of Response: Annually, On Occasion. Estimated Total Number of Annual Responses: 157,800,000. Estimated Time per Response: 11.31 hours. Estimated Total Annual Burden Hours: 1.784 billion (1,784,000,000). Total Estimated Out-of-Pocket Costs: $31.764 billion ($31,764,000,000). Estimated Out-of-Pocket Cost per Respondent: $201. Total Estimated Monetized Burden: $60.225 billion ($60,225,000,000). Estimated Monetized Burden per Respondent: $381. Authority: 44 U.S.C. 3501 et seq. Dated: October 5, 2018. Spencer W. Clark, Treasury PRA Clearance Officer. [FR Doc. 2018–22180 Filed 10–10–18; 8:45 am] khammond on DSK30JT082PROD with NOTICES BILLING CODE 4810–01–P VerDate Sep<11>2014 20:54 Oct 10, 2018 Jkt 247001 DEPARTMENT OF THE TREASURY Interest Rate Paid on Cash Deposited To Secure U.S. Immigration and Customs Enforcement Immigration Bonds Departmental Offices, Treasury. Notice. AGENCY: ACTION: For the period beginning October 1, 2018, and ending on December 31, 2018, the U.S. Immigration and Customs Enforcement Immigration Bond interest rate is 2.08 per centum per annum. DATES: Rates are applicable October 1, 2018 to December 31, 2018. ADDRESSES: Comments or inquiries may be mailed to Sam Doak, Reporting Team Leader, Federal Borrowings Branch, Division of Accounting Operations, Office of Public Debt Accounting, Bureau of the Fiscal Service, Parkersburg, West Virginia, 26106–1328. You can download this notice at the following internet addresses: <http:// www.treasury.gov> or <http:// www.federalregister.gov>. FOR FURTHER INFORMATION CONTACT: Adam Charlton, Manager, Federal Borrowings Branch, Office of Public Debt Accounting, Bureau of the Fiscal Service, Parkersburg, West Virginia, 26106–1328, (304) 480–5248; Sam Doak, Reporting Team Leader, Federal Borrowings Branch, Division of SUMMARY: PO 00000 Frm 00133 Fmt 4703 Sfmt 9990 51567 Accounting Operations, Office of Public Debt Accounting, Bureau of the Fiscal Service, Parkersburg, West Virginia, 26106–1328, (304) 480–5117. SUPPLEMENTARY INFORMATION: Federal law requires that interest payments on cash deposited to secure immigration bonds shall be ‘‘at a rate determined by the Secretary of the Treasury, except that in no case shall the interest rate exceed 3 per centum per annum.’’ 8 U.S.C. 1363(a). Related Federal regulations state that ‘‘Interest on cash deposited to secure immigration bonds will be at the rate as determined by the Secretary of the Treasury, but in no case will exceed 3 per centum per annum or be less than zero.’’ 8 CFR 293.2. Treasury has determined that interest on the bonds will vary quarterly and will accrue during each calendar quarter at a rate equal to the lesser of the average of the bond equivalent rates on 91-day Treasury bills auctioned during the preceding calendar quarter, or 3 per centum per annum, but in no case less than zero. [FR Doc. 2015–18545] In addition to this Notice, Treasury posts the current quarterly rate in Table 2b— Interest Rates for Specific Legislation on the TreasuryDirect website. Gary Grippo, Deputy Assistant Secretary for Public Finance. [FR Doc. 2018–22195 Filed 10–10–18; 8:45 am] BILLING CODE 4810–25–P E:\FR\FM\11OCN1.SGM 11OCN1

Agencies

[Federal Register Volume 83, Number 197 (Thursday, October 11, 2018)]
[Notices]
[Pages 51565-51567]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-22180]


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

DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; U.S. Individual Income Tax Return

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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

SUMMARY: The Department of the Treasury will submit the following 
information collection request to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on this request.

DATES: Comments should be received on or before November 13, 2018 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
Treasury, New Executive Office Building, Room 10235, Washington, DC 
20503, or email at [email protected] and (2) Treasury PRA 
Clearance Officer, 1750 Pennsylvania Ave. NW, Suite 8100, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Jennifer Quintana by emailing [email protected], calling 
(202) 622-0489, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 

Internal Revenue Service (IRS)

    Title: U.S. Individual Income Tax Return.
    OMB Control Number: 1545-0074.
    Type of Review: Revision of a currently approved collection.
    Description: These forms and schedules are used by individuals to 
report their income tax liability. IRS uses the data collected on these 
forms and their schedules to compute tax liability and determine that 
the items claimed are properly allowable. This information is also used 
for general statistical purposes.
    Current Actions:

2018 Draft Form 1040

    Following the most expansive tax law changes in 30 years, Treasury 
asked the IRS to look at ways to improve the 1040 filing experience. In 
response, the IRS took a strategic look at the family of 1040 forms 
with a goal of simplifying the experience for taxpayers and our 
partners in the tax industry. The 2018 draft Form 1040 replaces the 
current Form 1040 as well as the Form 1040A and the Form 1040EZ. The 
2018 draft Form 1040 uses a ``building block'' approach, which can be 
supplemented with additional schedules as needed. The 2018 draft Form 
1040 goes from the current 79 lines to somewhere around 23 lines. 
Taxpayers with straightforward

[[Page 51566]]

tax situations would only need to file this new 1040 with no additional 
schedules. The changes effective in 2018 and affecting the tax returns 
taxpayers will file in 2019 include (but are not limited to):
    Information for the standard deduction was moved below the name 
entry spaces.
    The checkbox for ``Full-year health care coverage'' was moved to 
the first page.
    The ``Exemptions'' section was renamed ``Dependents.'' Taxpayers 
will continue to list individuals for whom they claim tax benefits 
associated with an exemption. Only two dependents can be listed on the 
form itself. Just as in 2017, dependents who cannot be listed on the 
form must be identified in an attached statement.
    The entry spaces for subtotaling exemptions were removed; a new 
checkbox was added for dependents who qualify for the credit for other 
dependents.
    The signature block was moved. An entry space was added for the 
spouse's identity protection PIN in lieu of the taxpayer's daytime 
phone number. The ``Paid Preparers'' section was shortened and a third-
party designee box was added. Taxpayers with third-party designees or a 
foreign address must attach Schedule 6.
    Line 4 (IRAs, pensions and annuities) combined 2017 Form 1040, 
lines 15 and 16.
    Line 6 is a subtotal from Schedule 1, which includes less common 
types of income, as well as any adjustments to income.
    Line 9 was added for the qualified business income deduction under 
section 199A.
    Line 11 is the chapter 1 tax. Taxpayers with less common situations 
will enter an amount from Schedule 2, which generally includes lines 44 
through 47 of the 2017 Form 1040.
    Line 12 is the child tax credit and/or credit for other dependents. 
Taxpayers with other nonrefundable credits, will enter a subtotal from 
Schedule 3, which generally includes lines 48 through 55 of the 2017 
Form 1040.
    Line 14 is a subtotal from Schedule 4, which generally includes the 
items from the ``Other Taxes'' section of the 2017 Form 1040.
    Line 17 is refundable credits and some payments. The earned income 
credit, additional child tax credit, and American opportunity tax 
credit remain on the form. Taxpayers with other credits and payments 
will enter an amount from Schedule 5, which generally includes items 
from the ``Payments'' section of the 2017 Form 1040.
    Treasury's Office of Tax Analysis projects that roughly 25% of 
projected 2018 individual income tax filers would be able to file the 
new form without any attachments (meaning any of the six new schedules 
or any existing forms or schedules that are retained). For context, in 
Tax Year 2015, 16% of 1040 series returns filed were Form 1040-EZ.

Burden Impact Evaluation

    An analysis of the impact of the Tax Cuts and Jobs Act (TCJA) of 
2017 on the burden faced by individual taxpayers in complying with the 
Federal tax law indicates that the overall impact of the law on 
individuals will lower taxpayer burden. Currently, the average time to 
complete a tax year 2018 individual tax return is estimated to decrease 
by 9% and the average out-of-pocket costs are estimated to decrease 2%.
    The expected impact of TCJA provisions by statutory and 
discretionary change are provided below:
    Statutory Changes--Overall, the statutory changes are expected to 
lead to an overall decrease in burden. There are three major changes 
that are expected to have a material impact on burden in the TCJA.
    The increase in the standard deduction and the limitation on the 
Schedule A tax deduction, taken together, are the most substantial 
changes introduced in the TCJA. These changes are expected to decrease 
the number of Schedule A filers from 46 million to 20 million. The 26 
million drop in Schedule A filings and the elimination of certain 
Schedule A line items is expected to lead to decrease of 241,000,000 
hours and a decrease of $2,948,000,000 in out-of-pocket costs.
    The change in thresholds on the Form 6251 for alternative minimum 
tax is expected to lead to a significant decrease in Form 6251 filings, 
from 10 million to 1 million or less. This change is expected to lead 
to a decrease of 13,000,000 hours and a decrease of $557,000,000 in 
out-of-pocket costs.
    The new Sec 199A Deduction for qualified business income is 
expected to increase burden for many filers who report sole proprietor 
and passthrough income. The deduction is also expected to increase the 
number of filers with sole proprietors and passthrough income which 
should increase burden. This change is expected to lead to an increase 
of 52,000,000 hours and an increase of $1,303,000,000.
    Additional changes, such as the adjustment of the child tax credit 
phaseout threshold and credit amount, the introduction of the older 
dependent credit, and the elimination of the domestic production credit 
are expected to have a net estimated impact of an increase of 2,000,000 
hours and an increase of $64,000,000 of out-of-pocket costs.
    Overall, the decreases in burden from the change in Schedule A and 
Form 6251 filings are expected to more than offset the increase burden 
from the Sec 199A Deduction. Total statutory changes are expected 
decrease time burden by 200,000,000 and are expected to decrease out-
of-pocket costs by $2,138,000,000.
    IRS Discretionary Changes--The largest discretionary change in 
place for tax year 2018 is the redesign of the Form 1040 and 
discontinuance of Forms 1040, 1040A, and 1040EZ. Modest decreases in 
burden are expected for some taxpayers who prepare by hand without 
using a paid preparer or tax software but overall, the transition from 
Forms 1040, 1040A, and 1040EZ to the shortened Form 1040 is not 
expected to have a material impact on the burden individual taxpayers 
face. Approximately 95% of individual taxpayers use a paid preparer or 
tax software to complete their tax return and almost 90% of individual 
taxpayers e-file. Currently, these taxpayers using assisted methods 
interact with either a tax software interface or a paid preparer so 
they have limited interaction with the tax forms themselves. There is 
very little expectation for their experience to change so the form 
redesign is not expected to have a material impact on them.
    The impact of the Form 1040 redesign on the approximately 5% of 
individual taxpayers who complete their taxes by hand without using a 
paid preparer or software is not expected to have a material impact on 
overall filing burden. The current expectation is that some taxpayers 
who prepare unassisted will have marginally lower burden while others 
will have marginally higher burden. For example, taxpayers who 
previously filed a Form 1040EZ may experience slightly more burden 
because they need to evaluate more information than before while a 
segment of taxpayers who previously filed the Form 1040 and 1040A may 
experience slightly less burden because they need to evaluate less 
information than before. In addition, some filers are expected to 
experience a reduction in burden from the separation of the components 
of the Form 1040 onto the new set of schedules while some are not. 
Overall, the minor increases and decreases that this population 
experiences are expected to mostly offset and are

[[Page 51567]]

expected to decrease time burden by 1,000,000 and decrease out-of-
pocket costs by $5,000,000.
    Form: Form 1040 and Schedules 1, 2, 3, 4, 5, 6 and associated forms 
and schedules.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 157,800,000.
    Frequency of Response: Annually, On Occasion.
    Estimated Total Number of Annual Responses: 157,800,000.
    Estimated Time per Response: 11.31 hours.
    Estimated Total Annual Burden Hours: 1.784 billion (1,784,000,000).
    Total Estimated Out-of-Pocket Costs: $31.764 billion 
($31,764,000,000).
    Estimated Out-of-Pocket Cost per Respondent: $201.
    Total Estimated Monetized Burden: $60.225 billion 
($60,225,000,000).
    Estimated Monetized Burden per Respondent: $381.

    Authority: 44 U.S.C. 3501 et seq.

    Dated: October 5, 2018.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2018-22180 Filed 10-10-18; 8:45 am]
 BILLING CODE 4810-01-P