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What is a W-8BEN Form?

The W-8BEN Form, Certificate of Foreign Status of Beneficial Owner for the United States Tax Withholding & Reporting (Individuals), is an IRS tax form, similar to the
W9 form.

The W-8BEN Form must be filled out by non-US residents, beneficial owners who are receiving payments from individuals or companies in the United States.

Who should complete a W-8BEN form?

The Form W-8BEN must be filled out by the beneficial owner(s) who are not US citizens or residents for tax purposes.

When should I complete Form W-8BEN?

This form is used by a non-United States person who is a “beneficial owner” in order to avoid U.S federal income tax backup withholding on payments made in connection with the Offer. The Form W-8BEN is only filled out upon request, this request is always made prior to the payment.

How do I Fill out Form W-8BEN?

The following are the steps to complete the Form W-8BEN. The beneficial owner(s) should complete these steps on the Form W-8BEN.

• Step 1: Enter the recipient’s name and email address, then invite the recipient to fill out Form W-8BEN through TaxBandits Secured Online Portal
• Step 2: The recipient will fill out the W-8BEN Form information
• Step 3: Recipient can e-Sign the form
• Step 4: You can then Download and Print the Form for your reference

What types of income are subject to 30% withholding and must be reported on Form W-8BEN?

A foreign individual will be subject to the 30% tax rate on any income they receive from the following US sources:

• Interest – this includes certain original issue discount (OID)
• Dividends
• Rental income
• Royalties
• Premiums
• Annuities
• Compensation for, or in expectation of, services performed
• Substitute payments in a securities lending transaction
• Other fixed or determinable annual or periodical gains – or FDAP income- profits, or income

This mandatory withholding tax is applied to the gross earnings of the foreign individual or entity.

What types of income are subject to 30% withholding, but not reported on the Form W-8BEN?

There are some types of income earned in the US that will not be subjected to this 30% withholding tax. These income types include,

• Broker proceeds
• Short-term (183 days or less) OID
• Bank deposit interest
• Foreign source interest, dividends, rents, or royalties
• Proceeds from a wager placed by a nonresident alien individual in the games of blackjack, baccarat, craps, roulette, or big-6 wheel

You may still need to submit Form W-8BEN to claim an exception from any US information reporting and the back-up withholding for these types of US source income.