Fidelity Form W-8BEN Certification Guide
This document provides essential information on the W-8BEN form, required for nonresident aliens to certify their foreign status for tax purposes. It includes instructions for completion, submission details, and FAQs for clarity. Understanding the W-8BEN form is crucial for correct tax reporting and compliance.
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How do I fill this out?
To fill out the W-8BEN form, gather your personal identification information and tax details. Make sure to review all the instructions carefully to ensure accuracy. Follow the prompts to complete the online submission or print the form for mailing.
How to fill out the Fidelity Form W-8BEN Certification Guide?
1
Gather your Foreign Tax Identification Number and personal information.
2
Log in to Fidelity NetBenefits® to access the W-8BEN form.
3
Fill out all required fields accurately.
4
Review the information before submission.
5
Submit the form online or print it for mailing.
Who needs the Fidelity Form W-8BEN Certification Guide?
1
Nonresident aliens investing in U.S. financial markets need this form for tax certification.
2
Foreign individuals receiving U.S. income require the W-8BEN to avoid excessive withholding.
3
Expats living abroad must complete this form to maintain proper tax standing.
4
Individuals eligible for tax treaty benefits should file this form to claim lower rates.
5
Employees participating in U.S. stock plans need the W-8BEN for compliance and tax purposes.
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What are the instructions for submitting this form?
To submit the W-8BEN form, log in to your Fidelity NetBenefits account for online submission. If opting for paper submission, mail your completed form to Fidelity Stock Plan Services at PO Box 770001, Cincinnati, OH 45277-0002, USA. Ensure to include your signature and Fidelity participant number for accurate processing.
What are the important dates for this form in 2024 and 2025?
Important dates for the W-8BEN form include expiration every three years on December 31. For 2024 and 2025, ensure your current form is updated to avoid excess withholding. Fidelity will remind you to recertify before expiration dates.
What is the purpose of this form?
The purpose of Form W-8BEN is to certify the foreign status of nonresident aliens. This certification helps ensure accurate tax withholding on U.S.-sourced income. Additionally, it allows eligible individuals to claim benefits under any applicable tax treaties.
Tell me about this form and its components and fields line-by-line.
- 1. Name of individual: The person's complete name as it appears on their identification.
- 2. Country of citizenship: The individual's country of citizenship.
- 3. Permanent address: The individual’s permanent residence address outside the U.S.
- 4. Foreign Tax Identification Number: The tax identification number issued by the individual's country.
- 5. Date of birth: The individual's date of birth for identification purposes.
What happens if I fail to submit this form?
Failure to submit Form W-8BEN can lead to excess tax withholding on payments from the U.S. sources. Noncompliance may prevent eligibility for lower tax treaty rates, leading to higher tax burdens. Always ensure the form is updated to avoid these consequences.
- Excess Withholding: If the form is not submitted, you may face backup withholding rates which are significantly higher.
- Tax Treaty Benefits: Without the form, you cannot claim benefits under any applicable tax treaties.
- Ineligibility for Refunds: Filing without a valid W-8BEN may result in losing the ability to claim refunds on excess withholdings.
How do I know when to use this form?
- 1. Receiving U.S. Income: Use this form to certify your status for receiving any U.S. income.
- 2. Claiming Tax Treaty Benefits: Submit the W-8BEN to claim benefits under tax treaties that allow for reduced withholding.
- 3. Participating in Stock Plans: Foreign employees participating in U.S. equity compensation plan need to fill this form.
Frequently Asked Questions
What is Form W-8BEN?
Form W-8BEN is a certification document required for nonresident aliens to establish their foreign status for tax purposes.
How often do I need to submit the W-8BEN form?
The W-8BEN form must be renewed every three years to remain valid.
What happens if I do not submit the form?
Without the form, you may be subject to higher tax withholding on U.S. income.
Can I fill out the form online?
Yes, you can complete the form online through Fidelity's NetBenefits portal.
Where should I send the completed form?
Send your completed W-8BEN form to Fidelity Stock Plan Services, not to the IRS.
What is backup withholding?
Backup withholding is a tax withholding on certain payments if the proper forms are not filed.
Do I need to provide my Foreign Tax Identification Number?
Yes, if you have one, it should be included on the form.
How do I know if I need this form?
You need this form if you are a nonresident alien receiving U.S. income.
What resources can help me fill out the form?
Fidelity provides guides and support to assist with the W-8BEN completion.
Is there a fee to submit this form?
No, submitting the W-8BEN form to Fidelity is free of charge.
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