Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 05-08-2015, 01:58 AM
Junior Member
 
Join Date: May 2015
Posts: 3
W8 Question

Hello, I am a single WV resident under 65, living with my boyfriend. I am just about to graduate from college, and currently my only income comes from Patreon, a site which requires its users to fill out a W8 form for those who make over $600 per year, which I do. However, since Patreon is my only income at this time, and I only make about $912 a year through the site, am I required to file taxes on it? I realize that my income sources may change before next year, but I am curious as to how this situation would be treated in regard to tax.

Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 05-08-2015, 02:01 AM
Junior Member
 
Join Date: May 2015
Posts: 3
Correction

My apologies - the site requires me to fill out a W-9 form, not W-8.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 05-08-2015, 02:03 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,233
Quote:
Originally Posted by LizVafiades View Post
My apologies - the site requires me to fill out a W-9 form, not W-8.
Why did you receive FormW8 instead of 1099MISC ?? Basically, form W-8 is filled out by foreign entities , nonresident aliens, citizens and corporations, or etc in order to claim exempt status from certain tax withholdings. Also, I mean There are many different types of W-8 forms. these forms are typically requested by withholding agents, usually firms , biz/ brokers and not the IRS; The W8 form is used to declare an entity’s status as non-resident alien or foreign national who works inside of the US. The benefit is that these individuals receive a certain tax treaty status that affords them certain right, such as lower withholdings from dividends paid by US payors/corps. For example, brokers in US typically request Form W-8BENused to lower withholdings from dividends, from foreign nationals. Also, Form W-8ECI is used by foreign entities to certify that all income on the form is associated with trade or business within the US. This is slightly different from Form W-8BEN, which certifies allocated funds, such as dividends from stocks and mutual funds. Aslongas you are a US citizen/national resident even or tax purposes, then Form W8 is NOT for you.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
AGI Question - foreign income question tikomh Income 1 04-09-2012 09:22 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning