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W-8imy Form: What You Should Know

I like to receive the payments on the third Thursday of each month. Why? Because it is your last day of payment, and you have paid your tax. Also, if you receive the withholding payment on the 14th of the month, the payments are already processed in February and could be made by the 15th of that month. If you use Form W-8IMY, then you can receive any withholding payment on or at the close of the 15th of the month. If you choose to use this form, you will be filing Form 8802, U.S. Non-resident Aliens Withholding and Estimated Tax Return. (Form 8802, U.S. Non-resident Aliens Withholding and estimated tax return, is also used by U.S.-based intermediaries to receive and pay withholding on behalf of their foreign subsidiary.) Do not use Form W-8IMY as a backup to Form W-8 because it contains additional information you do not need when reporting your withholding for Federal and State taxes. If your foreign bank requires a U.S. tax return to be filed on their behalf (e.g., a foreign branch), you will have to file a separate tax return. IF YOU USE THE FORM, THE LAST DAY OF WRITTEN PAYMENT FOR IT IS ALWAYS the 15th of the month As a flow-through entity (meaning the entity has no U.S. branch), this type of payment is not income and is treated as a foreign tax credit. If you receive a Form W-8IMY and use the W-8 form for your business income account, you must use the W-8 form to report your interest and dividends. Use the W-8 form for capital gains and other non-business income. If you use Form W-8IMY, the day after you receive the withholding payment should be the 15th of the month. If you prefer to make it the 15th of the month instead, you have to complete Part I and Part II (Form 1040) to see that it really is your last day of payments for the tax period. I like to make it for all years. If you choose to make it for a certain year's end, complete Form 5329, Application for Automatic Extension of Time to File a U.S. Individual Income Tax Return.

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