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Video instructions and help with filling out and completing Form W-8BEN

Instructions and Help about Form W-8BEN

Hi Dibley 8bim form is one of the you know difficult forms that you might encounter if you're starting a company or if you're working with somebody in the u.s. so there are two variants of this so if you're in the individual you would use the same debris and form but it clearly does it's individuals but if you are an entity you know you're going to cut something that looks like this yeah so this is for somebody you know it could be you're living in India or Canada or any other place you know if you are having a private limited and looking to do it on your own for a small company and you work with somebody in the u.s. then you would have to refer to this form yeah so let's look at the you know the way to look at so definitely this tells that it's not meant for a u.s. resident so that's clear and you know it's for entities so I'm filling this as a private limited company in based out of India so but this should be same for anybody you know living in other parts of the world first thing you know you you enter your name the company and it's pretty straightforward and you know where you want to you know which country it's based out of right and then you know this one is actually an optional field um if you're only having a single owner this applies but for the most part you leave this as black number 3 field now looking at number four so usually it's a corporation if it's if you're gonna be a Private Limited but if not you know depending on that you might go into partnership but other things are usually not really you know relevant you know sort of like private company so you can ignore that and even this part is also you can ignore on this number four here now the fifth one is the most complicated one meaning I spent hours reading about this so chapter four status is something very very complicated and people so for beginners you know FFI is a foreign financial institution so definitely if you're a financial company you know and doing business you know something like a PayPal or a bank you know following that is right but you know most of you if you are watching this video you're probably not going to be part of that so if fi is definitely out so most of these are not relevant so the one that would come to you is is something as active n FF II so what n FF is stands for its non financial you know for an entity so what it means is that you know you are a non-financial company first thing and the active pay part is basically your active income is coming from non-financial activities and now you know you know non rental.

FAQ

How should I fill out Form W-8BEN from Nepal (no tax treaty) for a receipt royalty of a documentary film?
You are required to complete a Form W-8BEN if you are a non-resident alien and earned Royalty income (in this case) from a US-based source.The purpose of the form is to alert the IRS to the fact you are earning income from the US, even though you are not a citizen or a resident of the US. The US is entitled to tax revenues from your US-based earnings and would, without the form, have no way of knowing about you or your income.To ensure they receive their “fair” share, they require the payor to withhold 30% of the payment due to you, before issuing a check for the remainder to you. If they don’t withhold and/don’t report the payment to you, they may not be able to deduct the payment as an expense, and are subject to penalties for failing to withhold - not to mention forced to pay the 30% amount over and above what they pay to you. They therefore will not release any payment without receiving the Form W-8BEN.Now, Nepal happens not to have a tax treaty with the US. If it did and you were subject to Nepalese taxes on that income, you could claim a credit for the taxes paid to another country, up to the entire amount of the tax. Even still, you are entitled to file a US Form 1040N, as the withholding is charged on the gross proceeds and there may be expenses that can be deducted from that amount before arriving at the actual tax due. In that way, you may be entitled to a refund of some or all of the backup withholding.That is another reason why you file the form - it allows you to file a return in order to apply for a refund.In order to complete the form, you can go to the IRS website to read the instructions, or simply go here: https://www.irs.gov/pub/irs-pdf/...
How can you fill out the W-8BEN form (no tax treaty)?
A payer of a reportable payment may treat a payee as foreign if the payer receives an applicable Form W-8 from the payee. Prthis Form W-8BEN to the requestor if you are a foreign individual that is a participating payee receiving payments in settlement of payment card transactions that are not effectively connected with a U.S. trade or business of the payee.As stated by Mr. Ivanov below, Since Jordan is not one of the countries listed as a tax treaty country, it appears that you would only complete Part I of the Form W-8BEN, Sign your name and date the Certification in Part III.http://www.irs.gov/pub/irs-pdf/i...Hope this is helpful.
When you start working as an independent contractor for companies like Leapforce/Appen, how do you file for taxes? Do you fill out the W-8BEN form?
Austin Martin’s answer is spot on. When you are an independent contractor, you are in business for yourself. In other words, you are the business! That means you must pay taxes, and since you aren’t an employee of someone else, you have to make estimated tax payments, which will be “squared up” at year end when you file your tax return
How does a Trinidadian fill out part II and part III of an W-8BEN form when opening an individual account?
For Part II you write in where you reside on Line 9 and on Line 10 the withholding rate from 0 to 30% depending on which article of the US/Trinidad tax treaty applies to you.  Then write in the type of income and the treaty article that applies to your income. The most common are Article 9 for business profits or Article 11 for personal services, but not knowing your particular circumstance I can't say if one of those is correct for you.Part III only requires your signature and the date signed.  You are attesting that the statements in Part III are true.
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