What is Form W-8-IMY?
Form W-8-IMY is a certificate designed for foreign entities, like partnerships and trusts, as well as specific U.S. branches. This form is essential for establishing their intermediary status, which ensures that any income passed on to beneficial owners is taxed appropriately. By completing Form W-8-IMY, foreign intermediaries and flow-through entities can confirm their role in applying the correct withholding tax before distributing income, thereby protecting themselves from potential penalties and ensuring compliance with IRS regulations.
What is Form W-8-IMY used for?
Form W-8-IMY is essential for certain foreign entities. Here’s what it’s used for:
- Represents a foreign person as a qualified or nonqualified intermediary.
- Establishes the entity’s chapter 4 status for withholding.
- Certifies as a participating FFI, registered deemed-compliant FFI, or qualified intermediary.
- Holds primary NRA withholding responsibility and Form 1099 reporting.
- Represents a foreign partnership or trust as a withholding entity.
- Represents a U.S. branch of a foreign bank or insurance company.
- Acts as a qualified securities lender.
- Transmits documentation for upper-tier foreign partnerships or trusts.
How to fill out Form W-8-IMY?
- 1
Identify your entity type: foreign intermediary, foreign flow-through entity, or U.S. branch.
- 2
Complete Part I by entering your entity details, including name and address.
- 3
Certify your chapter 4 status if required.
- 4
Specify whether you assume primary withholding responsibility.
- 5
Claim any exemptions or treaty benefits if applicable.
- 6
Provide additional information as needed.
Who is required to fill out Form W-8-IMY?
Foreign partnerships, foreign simple trusts, foreign grantor trusts, U.S. branches acting as intermediaries, and certain financial institutions must complete Form W-8-IMY. These entities use the form to certify their status and ensure compliance with U.S. tax regulations.
When is Form W-8-IMY not required?
Form W-8-IMY isn't necessary for entities claiming tax exemptions or reductions, like those using Form W-8BEN or W-8BEN-E for treaty benefits. Foreign private foundations and governments of U.S. possessions seeking exemptions under specific sections should use Form W-8EXP instead.
When is Form W-8-IMY due?
The deadline for Form W-8-IMY is before the first payment is made to the withholding agent. Ensure it is submitted before any income is paid, credited, or allocated to your account. Failing to provide this form may result in the withholding agent applying a 30% withholding rate or backup withholding.
How to get a blank Form W-8-IMY?
To get a blank Form W-8-IMY, simply visit our website. The IRS issues this form, and we have a blank version pre-loaded in our editor for you to fill out. Remember, our platform helps with filling and downloading, but does not support filing forms.
How to sign Form W-8-IMY?
To sign Form W-8-IMY, include a handwritten signature in the designated area. Ensure that the person signing is authorized to do so, as this is mandatory. Note that electronic or digital signatures are not accepted for this form. After filling out the form using PDF Guru, you can download it for your records. Remember to check for any updates related to the form to ensure compliance.
Where to file Form W-8-IMY?
To submit Form W-8 IMY, print and sign the completed form. You cannot file it online; it must be mailed to the IRS.
Refer to the form's instructions for the correct mailing address for international tax forms. Ensure you send it to the right location to avoid delays.
