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w-8eci Form: What You Should Know

If you are a foreign person, and you have or received Airbnb payments, and you believe that you were not the primary owner at the time of the payment, there are several ways to  How to file Form W-8ECI and get your money back If you are a foreign person, and you receive an Airbnb payment and wish to claim an income tax refund, you may have to file an individual income tax return and obtain a claim form from the IRS. If you are not required to file a Form 1040, you do not need to file a Form 1040. However, you must have a reasonable basis for believing that you are the beneficial owner of income you received. You need to fill out Form 8311, Claim for Refund of Individual Income Tax Withheld Under IRC Section 72(t). The amount of the refund will be the amount of that income tax that your gross adjusted gross income would have been if you were a US resident. Once you download, process and print Form 8311, complete and submit it to IRS. For more information about how your refund is calculated, refer to IRS Publication 925, What to Include on Your Tax Return, and IRS Publication 925, Tax Withholding for Individuals, Publication 926, Return of Withholding Allowance for Individuals, Publication 926, Individual Withholding Allowance, and Publication 926B, Individual Withholding by a Foreign Corporation. Learn More about IRS For Individuals How to fill out and file Form 8311 If your US federal income tax return will be filed on or before January 31, 2018, or January 31, 2019, you will need to fill out Form 8311 and mail it to IRS with a copy to your US local tax authority. If your US federal income tax return is filed after January 31, 2018, or January 31, 2019, you'll need to find out the correct address to send Form 8311 and use that address to send it to the IRS. If any part of Schedule D, Other Income and Expenses does not match what you will include on your tax return, include that part of your return for the year you filed for. If you have questions or need further information about Form 8311, including the instructions to the form, see IRS.gov/Form8311. If you are required to file a US state income tax return, please visit IRS.gov/FormsPub822.pdf for instructions.

Online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do Form W-8, steer clear of blunders along with furnish it in a timely manner:

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FAQ - Form w-8eci

What is the difference between W-8ECI and W-8BEN forms?
A U.S. payor withholding agent will ask for W8 forms in the case of paymentto a foreign income recipient.W8ECI applies if the income is effectively connected income ECI and theforeign recipient will file U.S. tax return to report such income. W8BEN formapplies if the income is not ECI in which case a separate withholding taxshould be deducted by the withholding agent.Example 1 If a Korean individual performs independent personal service to aU.S. company in the U.S. most likely this is ECI and the Korean individualwould submit W8ECI to the U.S. company. U.S. company should not withhold anytax. Korean individual should report this income on his U.S. tax return andpay tax in the U.S.Example 2 If a Korean individual made loan to a U.S. company most likelythis would not be ECI. The Korean individual should submit W8BEN prior topayment of interest. The U.S. company would make final withholding on theinterest payment. The withholding tax is 30 but can be reduced to 12 underthe KoreaU.S. tax treaty or if it is portfolio interest.
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