W8-BEN

[markjbankover 1]

Hello,

I've been herein america for over a year now and my wife and I have just submitted our taxes to the IRS. I have today received a W8-BEN form from Bank of America and I am unsure as to what this is, what I need to do, contact Bank of America or IRS ?

Any advice?

Thanks

Mark

[NikLR 13,227]

w8ben is to set up an account so you are NOT considered a resident for tax purposes. As you are now a resident, this isn't required. If anything, if you had opened or been included into the account before you were in the USA, you would have to send them a w9 form to tell them you are now a resident for tax purposes in the USA. I'm unsure why they sent you the form, contact them if you wish to find out.

[markjbankover 1]

Okay so I can just ignore this form, and this would have nothing to do with my recent tax filling or subsequent refund on its way ?

[NikLR 13,227]

No it will not affect your taxes. The bank, for some odd reason, wants you to be considered a non-resident for tax purposes. I'm not sure why. I suggest contacting them on Tuesday.

[Nich-Nick 3,354]

Okay so I can just ignore this form, and this would have nothing to do with my recent tax filling or subsequent refund on its way ?

Your timeline does not indicate if you applied for adjustment of status. Do you have a greencard now? You likely got on the account before becoming a permanent resident so the bank classified you as a non-resident. They need an update...greencard and also SSN if you didn't have that when you opened the account. It's for their record keeping so get it straight with them.

Edited February 17, 2014 by Nich-Nick

[markjbankover 1]

Yes I've not updated my timeline. I've adjusted my status and have a green card valid for two years. I opened my bank account with a social security number.

So I guess I need to update with all my up to date paper work

[markjbankover 1]

So turns out if I am a us citizen I do not need to complete form and instead complete a w9 form and submit this to me employer.

[NikLR 13,227]

So turns out if I am a us citizen I do not need to complete form and instead complete a w9 form and submit this to me employer.

You mean LPR?

[markjbankover 1]

LPR ? What's that

[NikLR 13,227]

Legal Permanent Resident aka green card holder. Do not ever claim to be a US citizen until you actually are one.

[markjbankover 1]

I see. So I'll go with the W9 form

[NikLR 13,227]

yep I had to send w9 forms to my banks but I had opened them with w8ben forms. So i'm not sure why you need one but if you do, you do.

[Owen_London 65]

W9 forms are required for anyone who is tax resident in the US, not just citizens or LPRs. Banks need to know you're a US tax resident, so that they apply income tax to any interest payments on your accounts.

Of course, interest rates on savings accounts are currently so low as to be almost meaningless, but this is still a requirement.