i'm into stock investment, can i make my mother in the philippines to be my beneficiary?

[rheanick 42]

I'm into stock investment right now and wondering the possible ways to make my mother in the philippines as an additional beneficiary. I talked with the investment company and it requires ITIN from my mother before i could add her up.

My questions is: what are the possible legal ways for me to get my mother an ITIN?

[vonxeric 0]

If the brokerage company is requesting it for her to be added to the account, she would need to file a Form W-7, Application for IRS Individual Taxpayer Identification Number with the IRS. She would need to submit either a certified copy of her passport biographic/picture page (certified by DFA) or other documents that are acceptible to the IRS that are in the instructions for the W-7. She can submit this to the IRS as a stand alone form as she would be requesting it under one of the exceptions you can read about in the instructions for the brokerage/investment companies reporting purposes if they ever made any payments to her if something happened to you.

Instructions for the W-7 and the PDF form to fill out are on the IRS website. www.irs.gov

[vonxeric 0]

After reading the instructions more i noted one more thing. You would need a letter/document from the brokerage/investment company showing they are requesting the ITIN is needed for your mom for tax reporting purporses. The letter needs to show her name as being on the account or to be added to the account. Hope this helps.

[rheanick 42]

After reading the instructions more i noted one more thing. You would need a letter/document from the brokerage/investment company showing they are requesting the ITIN is needed for your mom for tax reporting purporses. The letter needs to show her name as being on the account or to be added to the account. Hope this helps.

Vonxeric,

Your replies are great help for me. My mother has the documents listed in W-7. Its nice to know that i could include her as my beneficiary. Again, thanks.