Posted by Juanita Godinez on 7/28/06 11:37pm
Msg #135937

W-8BEN

please somebody help me with this one , I've not come across this one until now honestly don't even completely understand it how much of this does borrower need to fill out

Reply by Becca_FL on 7/28/06 11:46pm
Msg #135940

I googled and found some great info. Here's just one. Make Google your friend.

http://www.snowbirds.org/html/IRSForms.html

Reply by PAW on 7/29/06 6:55am
Msg #135971

W-8BEN forms are used for foreign nationals who own or are purchasing property in the US (in the case of individuals) to show that they personally are receiving the benefits of the homeownership.

If the person is a resident alien or US citizen, they should use Form W-9 instead.

When completing the W-8BEN for an individual, make sure their name is spelled correctly, and the rest of Part I is properly completed. Make sure the "Individual" box is checked. Then the homeowner/borrower signs Part IV.

Reply by Traveling2U on 7/29/06 11:58am
Msg #136008

Re: W-8BEN Fill-in Form Explained additional Links

I saw this form yesterday didn't realize we might have to notoraize. Included other possible forms.

Sample W-8Ben explained

http://www.washington.edu/admin/payroll/w-8ben.html


https://www.wellsfargo.com/search/search.jhtml?query=w-8ben+sample+for

m&x=27&y=10

ABOUT IRS FORM W-8BEN
http://sedm.org/Forms/Tax/W-8BEN/AboutIRSFormW-8BEN.htm

Filled -in Example
http://sedm.org/Forms/Tax/W-8BEN/IRSFormW8BENExample.pdf


5. How to Use It
Most American companies are not familiar with the IRS form W-8BEN and
are clueless how to deal with it for those who want to use it to stop
withholding or open accounts without Social Security Numbers. It is
very important to understand how this form is used and the proper way
to fill it out.

You must know more about this form than the people you encounter at
private employers and financial institutions in order to get get the
trust and cooperation from them that enacted law demands and requires.

Therefore, you should study this subject carefully to avoid
embarrassing yourself, making your employer feel threatened, or
creating a big scene in the payroll department. The IRS Form W-8BEN deliberately omits key information indicating that withholding is not authorized on nonresident aliens with no " trade or business" earnings because the IRS wants to incentivize private companies to use the WRONG form, the W-4 Exempt, to stop withholding.

This amounts in effect to a conspiracy against rights in violation of 18 U.S.C. §241 and compelled association in violation of the First Amendment, we might add. However, when you use this form, the IRS should quit receiving W-2 reports, which takes you completely off the radar screen. Remember, the W-2 form can only contain earnings "effectively connected with a trade or business" (public office) in the United States government, and you aren't connected with a "public office" if you don't work for the federal government.

This is confirmed by 26 U.S.C. §6041(a), which says that Information Returns, including the W-2 , 1098, and 1099, are only required in the case of "trade or business" earnings. Use of this form to stop withholding may therefore require the recipient to read the Treasury Regulations in order to learn that no withholding or Social Security Number is required for nonresident
aliens not engaged in a "trade or business", which payroll, financial institutions, or managers are often unwilling to do.

It is natural for humans to avoid and resist change, risk, or extra work, so you should expect this sort of response when you try to use this.

Reply by PAW on 7/29/06 12:24pm
Msg #136013

Re: W-8BEN Fill-in Form Explained additional Links

First, the W-8 is not notarized.

Second, the example shown in the link "Filled-in Example" is a poor example. The borrower must include their SSN if they have one, or some other TIN, such as their ITIN. They cannot specify "NONE".

Third, the "Capacity in which acting" is not "Fiduciary for God." It should be "Individual".

Reply by Traveling2U on 7/29/06 1:38pm
Msg #136026

Okay!! You are such a perfect person ;-) n/m

Reply by hcampersFL on 7/29/06 2:00pm
Msg #136028

Re: Okay!! You are such a perfect person --- Actually he is!

One of the most helpful people on the board. If I'm in trouble he is one of the few I would trust with an answer.
Instead of being resentful of him trying to post the correct information stop and learn something.

Oh and by the way we have enough smart-butts around here. That position is already filled on this forum.

Reply by Traveling2U on 7/29/06 2:13pm
Msg #136030

Re: Okay!! You are such a perfect person --- Actually he is!

Okay...Its okay with me and I have paid my membership where if I like to post I can. If he disagree with my information isn't it okay to disagree.

If I disagree with someone I don't reply because I don't have to respond to posts I don't agree with.

I was responding to the author and as everyone on this board do not have to except anyone's information.

your last comment was not worth you time as I was not talking to Paw I was talking to the author and I do not need Paw to approve anything I write I have just a much right to reply as the next person I paid for my space just like you!!

Reply by BrendaTx on 7/29/06 3:25pm
Msg #136038

Re: Okay!! You are such a perfect person - Mean/rude

remark. Just remember that all who have those little boxes by their names have also paid for their space and have the right to say whatever they please just like you.

Reply by PAW on 7/29/06 3:56pm
Msg #136041

Re: Okay!! You are such a perfect person --- Actually he is!

You posted what I consider to be bad information for those who don't know better. There are many, many folks here who have never seen a W-8BEN (or most of the IRS forms) so they look to others for correct and accurate information. My point in responding wasn't to disagree and pee in your Wheaties, but to highlight a few of the errors that will create problems for the notary and the lender if the information and example you provided was to be followed.

Reply by BrendaTx on 7/29/06 4:10pm
Msg #136042

Re: Okay!! You are such a perfect person --- Actually he is!

**You posted what I consider to be bad information for those who don't know better. **

And, thank you for doing that.