W9 Form Exempt Codes

W9 Form Exempt Codes – Enter your exempt payee code, if applicable. Entered on the line for a fatca exemption code. An exempt payee is a taxpayer who is exempt from backup withholding. These codes came in with fatca in.

For example, a corporation has an exemption code 5. Payees exempt from backup withholding, such as corporations (in most cases), might need to enter a code in the exempt payee code box. You can find a full list of 13 codes in the form instructions section. A—an organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37).

March 2024) request for taxpayer identification number and certification department of the treasury internal revenue service go to. Person (including a resident alien) and to request certain certifications and claims for exemption. Note usually, individuals, including sole proprietors, are not exempt from backup withholding, while corporations are usually exempt, except for attorney fees and payment card payments, and some other less usual types of payments.

If your signature card asks for this then yes you should put it.

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