The Internal Revenue Service (IRS) is requesting comments on the information collection concerning Form 1099-Q, which relates to payments from qualified education programs under sections 529 and 530 of the Internal Revenue Code. This effort aims to reduce paperwork and burden on respondents, adhering to the Paperwork Reduction Act of 1995. The IRS invites feedback on various aspects, such as the necessity and utility of the information collected, ways to minimize respondent burden, and the overall effectiveness of the collection process. Comments must be submitted by March 23, 2021, to be considered.
Simple Explanation
The IRS wants to hear what people think about a form that helps them handle money for school savings, and they hope people will share ideas on how to make it easier and less time-consuming for everyone.