How do I fill out a W-8BEN form in the US?

How Do I Fill Out Form W-8BEN?

Line 1: Enter your name.
Line 2: Enter your citizenship.
Line 3: Enter your mailing address.
Line 5: Enter your U.S. taxpayer identification number.
Line 6: Enter your foreign tax identifying number.
Line 8: Enter your date of birth.

Who needs to fill out form W-8BEN?

Give Form W-8 BEN to the withholding agent or payer if you are a foreign person and you are the beneficial owner of an amount subject to withholding. Submit Form W-8 BEN when requested by the withholding agent or payer whether or not you are claiming a reduced rate of, or exemption from, withholding.

What is IRS form W-8BEN used for?

The W-8BEN is an IRS mandated form to collect correct Nonresident Alien (NRA) taxpayer information for individuals for reporting purposes and to document their status for tax reporting purpose.

What is my W-8BEN tax information?

The W-8 BEN form allows tax exemptions and categorizes you to be taxed appropriately as a foreigner. Form W-8BEN is a “Certificate of Foreign Status of Beneficial Owner for U.S. Tax Withholding and Reporting”. Generally, a current W-8BEN form will be in effect till 31st December, three years after the date of signing.

Why is a w8 form required?

In a nutshell, a W 8 form is used by foreign businesses and non-resident aliens earning income from U.S. sources. Its purpose is mainly to let brokers and mutual fund companies know that the person or company in question is not subject to the usual tax withholding from investment income.

How long is a w8ben valid for?

Generally, a Form W-8BEN-E will remain valid for purposes of both chapters 3 and 4 for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect.

What is my foreign tax identifying number?

United Kingdom For most individuals in the UK the TIN will be their National Insurance Number.

Should I fill W9 or W8BEN?

Foreign financial institutions ask you to complete Form W9 to comply with FATCA reporting requirements imposed on them. Form W9 is intended for US persons, as explained in question 2. The equivalent form that applies to non-US persons is W8-BEN (for individuals) and W8-BEN-E (for entities).

What is the difference between W8 and w8ben?

Form W-8BEN is used by foreign individuals who receive nonbusiness income in the U.S., whereas W-8BEN-E is used by foreign entities who receive this type of income.

Where can I get W-8BEN?

Form W-8BEN is available on the IRS website. Foreign individuals are ordinarily subject to a tax rate of 30% on specific types of income they receive from U.S. payers, including: Interest.

What is form W-8BEN and what is it used for?

The Form W-8BEN is a form used to confirm you’re not a U.S. taxpayer and that Upwork is not required to withhold taxes from your earnings. For record-keeping purposes, Upwork requires a Form W-8BEN for all non-U.S. taxpayers paid on Upwork.

How do I complete the form W-8BEN?

How do I complete the form W-8BEN? Provide your individual or organizational name and your country of incorporation on lines 1 and 2. Check a single box on line 3 to indicate the individual, organizational, or corporate form of the beneficial owner. Provide your permanent address on line 4 and, if

Who needs to fill out IRS Tax Form W-8?

Who needs to fill out IRS tax form W-8? Form W-8 is used filled out by non-resident aliens who do work and/or make income in the U.S. or foreign business entities who make income in the U.S. If you’re a legal citizen of the United States, at no point will you have to worry about filling out the W-8 tax forms.