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W-8imy vs w-8ben-e Form: What You Should Know
It should be reported on their individual income tax return. This form enables the foreign person to identify himself as an individual of that foreign country. W-8BEN-E — The Benefits This form reports the foreign person's rights to tax-exempt social security payments, and is used to facilitate treaty negotiations. It is also used by international organizations to establish tax rules. W-8BEN-T Also known as the Certificate of Status of Beneficial This form is used by foreign individuals and companies to document their status for purposes of chapter 3 as well as other code provisions. Deductions and Credits The purpose of this form is to report any other tax benefits which a person is entitled to. Deductions: For each item that is reported within the bounds of a W-8BEN, you must deduct the cost of the payment before you report it. When this occurs, you can report a net tax as a W-8BEN deduction. If you are not sure whether these deductions were incurred within the bounds of a W-8BEN, you may want to consult with your tax advisor. Credit for Payments and Transfers: If a payment was made but then is later returned, a credit can be applied to the original transaction. W-8BEN Form and How to Apply to File The W-8BEN is a form used by a foreign person who is reporting foreign income to the IRS in connection with his/her participation in the treaty system. The report is required due to chapter 3 rules and for reporting certain foreign-source capital gains. It is also used by international organizations to establish tax rules. A W-8BEN form also can be requested by foreign persons performing services on behalf of an international organization. However, this form is not required to be filed by a non-resident alien foreign person or foreign partnership. To use the Form W-8BEN, you must have either one or both of the following: U.S. taxpayer identifying information, such as social security number and taxpayer identification number. Proof of residency. For example: a driver's license, bank statement or pay stub.
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