What is form W-8BEN?

What is form W-8BEN?

Internal Revenue Service Form W-8BEN (Rev. July 2017) Certificate of Foreign Status of Beneficial Owner forUnited States Tax Withholding and Reporting (Individuals)

How do I update my expiring W-8BEN form?

You can update your expiring W-8BEN online by logging in to your account and selecting “Forms and Agreements” from the My Portfolio menu. Select the W-8BEN & Tax Residency Self-Certification Substitute form and follow the steps on screen to complete and submit electronically. Some tips with the form:

Can a withholding agent rely on a properly completed W-8BEN?

A withholding agent or payer of the income may rely on a properly completed W-8BEN to treat a payment associated with the W-8BEN as a payment to a foreign person who beneficially owns the amounts paid.

When to use form W-8BEN for scholarship/fellowship grants?

Use Form W-8BEN for Scholarship/Fellowship Grants if a tax treaty exemption applies. The treaty must include a provision for Scholarship/Fellowship Grants. To determine if the tax treaty applies refer to Tax Treaties for Independent Contractors and Scholarships.

How to file Form W-8BEN-E for a disregarded entity?

This may be done by including the name and account number of the disregarded entity on line 7 (reference number) of the form. However, if the disregarded entity is claiming treaty benefits as a hybrid entity, it should complete Form W-8BEN-E instead of this Form W-8BEN. Line 2. Enter your country of citizenship.

What happens if I do not provide a W-8BEN?

Provide Form W-8BEN to the withholding agent or payer before income is paid or credited to you. Failure to provide a Form W-8BEN when requested may lead to withholding at the foreign-person withholding rate of 30% or the backup withholding rate under section 3406.