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W-8eci or w-8ben Form: What You Should Know

W-8BEN, W-8 EB, W-8F and W-8H : For Foreign Persons W-8BEN — Tax Payment Card (Tax Payment Request) The electronic version of the W-8 is called a Tax Payment Request. · W-8BEN and  W-8BEN-E,  W-8ECI and W-8ECI-E — For Non-U.S. Persons What is a Taxpayer Identification Number (TIN)? A W-8BEN is issued to an individual which contains the following information: · TIN — Number from an official list of acceptable Tins under section 5 of the Internal Revenue Code. · Date of Birth. The most common format for the date of birth is “MM/DD/YYY” in three groups: “MM/DD/BY”, “YYY”, and “YYY”. In some cases a “0” or “A” may be recorded instead of a date. · State of Birth. Some states require a “U” or “U/U/” (Units) for the year of birth. For example, “2008 U/B” can be used when the year of birth is “2008”. · Filing Status. Some states require the same or different filing status for W-8BEN application. For example, if the individual does not file Schedule E or F for federal income tax purposes, the Form W-8BEN should be used. Other states will issue a Form 1040 if the filing status is “TAXPAYER”. W-8E : For Foreign Individuals W-8ECI Form W-8ECI is a Form W-8ECI used to assign foreign tax status to the taxpayer, to verify or verify that certain information presented in the original W-8BEN, or in any subsequent tax return, is correct in the light of information obtained in connection with the W-8BEN, or to adjust an amount of tax due.

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FAQ - W-8eci or w-8ben

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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