If a parent has a SSN and his child is a foreign national (no SSN) can the father open an UTMA account using a W-8?
Can a foreign person without a Social Security Number have an interest bearing account? How would you report the interest earned?
When opening an account with a rep payee, what is the correct way to title the account and who would be considered primary account holder?
A professional sports player who is a non-resident alien would like to open a joint checking account. The other owner will be his manager. Do we have to use the manager's TIN as the primary TIN on this account even though he will not be benefiting from the interest payments? He is on the account only for convenience sake when the other individual is traveling.
In Florida, when a minor's account is opened, is the account reported under the minor's social security number or the adult's? This is not a FUTMA account, only a minor's savings account.
Other than a signature card, are we required to get any other legal documents when opening a representative payee account for an adult?
We have a CD with a father as the primary owner and his two children as co-owners. The father passed away. Does the interest get reported to the father’s social security number up until the date of death?
Sole proprietorships using their SSN can open NOW accounts, but can a sole proprietorship using a EIN also open a NOW account?
Our bank participates in the Johnny Appleseed Jr. Ecology club program that promotes savings for children through age 12. In addition to receiving the annual Johnny Appleseed calendar, the child can receive incentive gifts if deposits are made. Since these promotions are restricted to new and current account holders, does this become a lottery?
Does the interest earned on a CD need to be reported to the TIN on file at the time of the interest posting or can it be redirected to a new TIN simply by changing the banks records?