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ID Form W-8eci: What You Should Know
S. Income tax on income the beneficial owner receives through a foreign trust, or the foreign trust is a U.S. taxpayer. The foreign trust can be either one in which U.S. Beneficiaries are incorporated or one in which benefits are distributed to U.S. taxpayers who are beneficiaries of beneficial owners residing in the foreign trust. It will be beneficial to file an W-8ECI form for each beneficial owner who is resident in a foreign country through who is incorporated and may be deemed a U.S. beneficiary. This form, however, is not required if the trust is a U.S. taxpayer. In that case, the U.S. reporting person should complete the W-8ECI form as long as the U.S. reporting person also has a U.S. TIN. This reporting person should submit form W-8ECI to the U.S. holder's reporting agent. The U.S. reporting agent can make a determination of the U.S. tax liability and the amount of U.S. withholding tax, if any, on the beneficiaries and distribute such amount to the holders. The U.S. holder can file Form W-8ECI with the U.S. taxpayer's tax return. The U.S. reporting person should complete the Form W-8ECI and attach it to the return. What to Do if: Beneficiaries Are Not a U.S. Taxpayer: The Form W-8ECI will be valid for the filing of Form W-8, but the U.S. taxpayer is a U.S. holder of the trust. What to Do if Beneficiaries Are Form W-8 or Form W-8ECI: The form has to show the tax liability for the beneficiary(s). The report is due on or before the due date of the tax return.
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