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#188089 - 05/07/04 08:57 PM IRS reporting- Quick easy question
Anonymous
Unregistered

Joint personal account that is interest-bearing. The first owner signs a W-8 and obviously has no TIN. The second owner provides a TIN and signs a W-9. The owners asks the Bank to list the W-8 person as the primary or "first" owner and therefore, there would be no reporting since we list the TIN as 00-0000000.
Instead, is the bank required to list the TIN of the W-9 owner and report interest under that TIN? If so, does anybody know where this requiremnet is stated? (other than it makes sense)

Thank you.

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General Discussion
#188090 - 05/07/04 09:16 PM Re: IRS reporting- Quick easy question
Anonymous
Unregistered

A W-8BEN must be obtained from each owner on the account in order to be properly documented as a nonresident alien's account. In this case, the account must be reported under the SSN of the second joint owner. You can find this in the Instructions for the Requester of Form W-9.

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#188091 - 05/07/04 09:16 PM Re: IRS reporting- Quick easy question
KimC Offline
100 Club
Joined: Jul 2001
Posts: 145
Minnesota
Look at the "Instructions for Form W-8BEN". You can find these on irs.gov by typing the above form name in the search. Page 2 talks about joint accounts, and yes, I would report under the W-9's TIN.

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#188092 - 05/07/04 09:24 PM Re: IRS reporting- Quick easy question
BeachGirl Offline
100 Club
Joined: Sep 2001
Posts: 206
Myrtle Beach, SC
Sorry, that was me that responded earlier. Didn't realize I was not logged in.
_________________________
Thanks for all of your help!

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#188093 - 05/07/04 10:41 PM Re: IRS reporting- Quick easy question
Anonymous
Unregistered

Thanks everybody......

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