Jump to content

4 posts in this topic

Recommended Posts

Posted (edited)

Context:

- GC Holder.

 

- Has never worked in the U.S. since I arrived.

 

- No experience with taxes (never had to do them in my home country because I didn't work after high school / only waited for my visa.)

 

 

 

Questions:

 

1. Do I REALLY have to fill this out?

 

- I don't have a lot of money in my bank: It won't matter to me even if incomes paid to my account are withheld.

 

(W8BEN says the bank can withhold 24% of income if I don't send my W8.)

 

(I don't work yet. There is nothing to withhold.)

 

(I will be switching banks when I start working. Does this W8 from BofA even matter?)

 

- I will be switching to another bank when I enter Boot Camp. (As of now I'm using Bank of America. The Marines offer people in Boot Camp a chance to open an account with 2 other banks.)

 

If my new bank in Training makes me fill out another W-8 that's fine . . . but do I have to send one to Bank of America RIGHT NOW when I'm about to switch banks anyway?

 

 

 

2. Will I get a negative record on the IRS system or whatever if I don't send this to Bank of America?

 

 

Edited by Jake77
Posted (edited)
7 hours ago, Jake77 said:

Context:

- GC Holder.

 

- Has never worked in the U.S. since I arrived.

 

- No experience with taxes (never had to do them in my home country because I didn't work after high school / only waited for my visa.)

 

Questions:

 

1. Do I REALLY have to fill this out?

 

- I don't have a lot of money in my bank: It won't matter to me even if incomes paid to my account are withheld.

 

(W8BEN says the bank can withhold 24% of income if I don't send my W8.)

 

(I don't work yet. There is nothing to withhold.)

 

(I will be switching banks when I start working. Does this W8 from BofA even matter?)

 

- I will be switching to another bank when I enter Boot Camp. (As of now I'm using Bank of America. The Marines offer people in Boot Camp a chance to open an account with 2 other banks.)

 

If my new bank in Training makes me fill out another W-8 that's fine . . . but do I have to send one to Bank of America RIGHT NOW when I'm about to switch banks anyway?

 

2. Will I get a negative record on the IRS system or whatever if I don't send this to Bank of America?

 

 

1. You received the W8BEN because your bank has a record of you being a foreigner from your green card or foreign passport. W-8BEN is for claiming exemption from interest payment withholding similar to the W-8 for US citizens. By NOT filling out and proving foreign exemption, the bank withholds and report a percentage (in your case, 24%) to the IRS and sends you the 1099-INT around January-February for you to include as part of your tax return filing by April 15. For all practical purposes, if you don't expect a lot of interest payment from the bank, you can ignore the W-8BEN. The bank interest payment is part of your of earnings which you include in your tax return filing every year.

 

I posted our experience with the W-8BEN at

https://www.visajourney.com/forums/topic/790033-w-8ben-for-k1-to-aos-filer/

 

2. You only get a negative record with the IRS if you don't file your tax return every year as a green card holder or US citizen. Others have posted USCIS and IRS rarely communicate. But for naturalization purposes, best to have a consistent record of IRS tax filing every year. 

Edited by EatBulaga
Posted
On 10/13/2024 at 11:46 PM, EatBulaga said:

 

1. You received the W8BEN because your bank has a record of you being a foreigner from your green card or foreign passport. W-8BEN is for claiming exemption from interest payment withholding similar to the W-8 for US citizens. By NOT filling out and proving foreign exemption, the bank withholds and report a percentage (in your case, 24%) to the IRS and sends you the 1099-INT around January-February for you to include as part of your tax return filing by April 15. For all practical purposes, if you don't expect a lot of interest payment from the bank, you can ignore the W-8BEN. The bank interest payment is part of your of earnings which you include in your tax return filing every year.

 

I posted our experience with the W-8BEN at

https://www.visajourney.com/forums/topic/790033-w-8ben-for-k1-to-aos-filer/

 

2. You only get a negative record with the IRS if you don't file your tax return every year as a green card holder or US citizen. Others have posted USCIS and IRS rarely communicate. But for naturalization purposes, best to have a consistent record of IRS tax filing every year. 

When I open a new account with another bank, willnthe new bank send me another W8?

Posted
On 10/18/2024 at 10:39 AM, Jake77 said:

When I open a new account with another bank, willnthe new bank send me another W8?

 

The bank is mistaking you as a visitor rather than a Permanent Resident.  It is an error the bank needs to correct rather than filling a W8-BEN.  By signing a W8-BEN you would certifying under penalties of perjury that you ARE NOT a US Person.  As a US Permanent Resident you ARE a US Person so certifying that you are not is illegal.

 

 

 

Your situation differs from EatBaluga's spouse because they were still in the process of adjusting status and therefore NOT a US Permanent Resident yet.  But you ARE.

 

 

image.jpeg.a5f9f6744c58a28792cc5ceccb9fa078.jpeg

image.jpeg.1d8d0f562140db84445e50498a6246a8.jpeg

 

Wife and Stepdaughter                                                                            

  • December 17, 2020:  Married in Costa Rica
  • March 08, 2021: Filed l-130s Online
  • March 09, 2021: NOA1
  • April 26, 2021: NOA2, I-130s Approved
  • April 30, 2021: NVC Received
  • May 01, 2021: Pay AOS and IV Bills
  • May 06, 2021: Submit AOS, Financial Docs and DS-260s
  • May 14, 2021: Submit Civil Docs for Stepdaughter
  • May 21, 2021: Submit Civil Docs for Wife
  • June 25, 2021: NVC review for Stepdaughter, RFE submit additional Doc
  • July 08, 2021: Wife Documentarily Qualified by NVC
  • August 31, 2021: Stepdaughter Documentarily Qualified by NVC
  • September 15, 2021: Received Interview Date from NVC, October 05, 2021
  • September 22, 2021: Passed physicals at Saint Luke's Extension Clinic
  • October 05, 2021: Interview at US Embassy Manila. Verbally approved by US Consul. Positive interview experience.
  • October 05, 2021: CEAC status changed to "Issued"
  • October 07, 2021: Passports tracking for delivery on 2GO Courier website
  • October 08, 2021: Passports with visas delivered.  "Visas on hand"
  • October 08, 2021: Paid Immigrant Fee
  • October 12, 2021: Temporary CFO Certificates Received
  • October 26, 2021 POE arrival at LAX
  • November 02, 2021 Social Security Cards arrive in mail
  • January 31, 2022: USCIS Status changed to "Card Is Being Produced"
  • February 04, 2022: USCIS Status changed to "Card Was Mailed To Me"
  • February 07, 2022: Green cards received. 

 

 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
- Back to Top -

Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...