[leo76]

My wife and I got a W8BEN form from our bank where we maintain an interest bearing account. I'm just wondering if this form is appropriate as I am on working visa status (h1b) , my wife is h4 (dependent) and a part of my salary is withheld every month for taxes. Should I fill out a W-9 form instead? Does my wife also fill out a W-9 form as well?

Thanks for the help!

[AtlantaTaxExpert]

Yes, W-9 is the appropriate form for you at this time.

The bank probably thinks you are still on the visa status you were on when you opened the account.

If your wife is on the account, then she should fill out a W-9 as well.

[leo76]

What is the use of the W-9/W8BEN form anyway? Is it to avoid backup withholding on interest payments by the bank to me? As an h1b holder, am I exempted from backup withholding?

Thanks!

[AtlantaTaxExpert]

These forms are used to notify the bank of your visa status (for W8BEN) and to give them your SSN or ITIN so they can report your interest income to the IRS.

[stormcrow]

These forms are used to notify the bank of your visa status (for W8BEN) and to give them your SSN or ITIN so they can report your interest income to the IRS.

I too received a request to fill W8BEN from my bank. I was supposed to respond end of last year, but didn't get to my mail till today. What are the implications of having my account subject to backup witholding ? Is it too late to send the bank the form now.
Also, I recently moved from F1-H1 and will be filing my 2006 taxes as a resident, as I meet the substantial presence test.Do I fill a W9 instead?
Appreciate your help !

[AtlantaTaxExpert]

I would submit a W-9 to the bank, as that is the form tat applies to H-1 or H-1B visaholders.

[alejandro m]

I would submit a W-9 to the bank, as that is the form tat applies to H-1 or H-1B visaholders.

I am also on an H1B but only switched to this status on October 1st. For the past two years I was on an F1 visa as a student.
I believe that I qualify as a non-resident alien for 2008 since my time here this year will be less than 183 days and the past two years don't count towards the presence test.

In this case do I have to file a W8BEN or a W9?

Thanks for your help

[AtlantaTaxExpert]

You will do Form W-8BEN for 2008.

In 2009, submit Form W-9.

[AndyPower]

Hello I didn't fill out any form, either W8 or W9 in 2008. I'm a permanent resident; accidentally there was a movement on the account and taxes were withhold. What should I do? Claim the taxes back? Fill out W9? Thank you!

[AtlantaTaxExpert]

Redundant post; already answered.