Ask Experts Questions for FREE Help !
Ask
    hgd7833's Avatar
    hgd7833 Posts: 84, Reputation: 0
    Junior Member
    		  
    #1

    Apr 13, 2009, 05:29 PM
    As a non resident : Why to fill out the form W-8BEN ?
    I am nonresident alien. I got some tax returns from IRS. $ 4000.00 for 2008
    I opened account in Bank of America and deposit the money.

    I've received today a letter from Bank of America that IRS requires all banks to maintain
    Reports of all non resident alien. They also send a W-8BEN form to fill it .
    The form is titled as certificate of foreign status of beneficial owner for US tax Withholding.
    They ask me to fill out this form and sign it and return it back.
    Now what the HELL is this form ? Why do I have to fill it and what happen if I ignore it ?
    Also, that brings up another question : Is it preferable to transfer my money outside ( to my home country for example ) or keep it here ? I mean can the IRS find out my savings ? Does that affect my returns for the next year if they find out $ 4000.00 in my account ?

    Please, I would really appreciate if someone could help me and answer these inquires for me
    Many thanks..
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Apr 14, 2009, 12:41 AM

    For nonresidents bank interest in not taxable. If you do not file Form W-8BEN, the bank will withhold tax from your interest income. If you file form W-8BEN, bank will not without tax from your interest income.
    It is your choice if you keep money here or send to your home country.
Not your question? Ask your question View similar questions
 

Add your answer here.


Check out some similar questions!

H1-B file form W-8BEN or form W-9? [ 1 Answers ]

Hello, I have been on H1-B visa since Oct 05, and before that I was on F-1 for about a year or so. I am participating in my employer's stock purchase plan and the brokerage firm that administers this is asking me to fill out a form W-9 or a form W-8BEN. Which form should I be filling out? Am I...

W4 or W-8Ben Form [ 1 Answers ]

Hi I reach US with family on H1B ( First time) on October 31st. Which Form I have to fill for Tax withholding W4 or W-8Ben for this year (Now) and Next year ( jan 2008) Kind Regards Johnson Thomas

Which form to fill w9 or orW-8BEN [ 1 Answers ]

Hello , I am from India on H1-B status from Jan 2007,I have started my work from Jan 2007 and was on pregnancy leave for 4 months.Now I want to know WHat is my Status for tax purposes. I have ESOP of US based company,so I want to know which form should I fill W-9 orW-8BEN. Thanks a Lot, Ad

Fill in tax form as resident alien or non resident ? [ 7 Answers ]

I am from China and I held B1 to enter US in Jan.2001 and changed the status B1 to F1 on 12/2６/2001. I returned to China and returned to USA ｉｎ ２００５ ｗｉｔｈ ａ ｎｅｗ Ｆ１ ｖｉｓａ ． I had no income in 2001 and 2002 and I failed to fill in the tax return in 2001 and 2002 since I didn't know I needed to do so ...

How to fill out W-7 form to get ITIN by Polish Resident [ 11 Answers ]

Hi, My friend has been inhered a pension from her grandfather who died. She must fill out a W-7 form to get an ITIN from IRS. The main problem is a filling a reason (the top of first page). The IRS recently not accepted W-7 form and said : "You did not provide the exception you have met, your...

View more questions Search