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I am a US citizen and have residency in Norway. Because of FATCA regulations, Skandiabanken will no longer let me buy funds or equities with them. I can switch the account over to another bank but I am asked to fill out a W-9 form.
When I fill in the form, who will get what information and what will it allow for? I report everything to the IRS, but I still want to know what I am filling out and why.
According to the Internal Revenue Service (2014),
An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (AITN).”
This applies to Form 1099-INT and Form 1099-MISC.
You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return” (p. 2).
If you are required to fill out Form W-9 and submit it to your bank, keep a copy for yourself, and make sure you sign it, as it is one for which the IRS requires a signature.
According to the IRS:
The Bank Secrecy Act requires U.S. persons who own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Authority (FBAR), if:
- The person has financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
