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W9 Question
How does an investment club (general partnership) complete section 4 of a W9 when requested by a broker in support of a new broker account for the club?

Section 4 applies to exemption from backup withholding and/or FACTA reporting.

Exempt payee code (if any) ____ ?

Exemption from FATCA reporting code (if any) _____________

I can't figure out if I even need to enter any codes in that section. Four pages of instructions/definitions for a simple one-page form can be confusing.

Thanks for any help!!

Pam Cler
Making Money in the Market
I guess I would ask the broker about that.

Kim Potter
BI Brighton

On Tuesday, January 19, 2021, 10:44:34 AM EST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:


How does an investment club (general partnership) complete section 4 of a W9 when requested by a broker in support of a new broker account for the club?

Section 4 applies to exemption from backup withholding and/or FACTA reporting.

Exempt payee code (if any)  ____ ?

Exemption from FATCA reporting code (if any) _____________

I can't figure out if I even need to enter any codes in that section.  Four pages of instructions/definitions for a simple one-page form can be confusing.

Thanks for any help!!

Pam Cler
Making Money in the Market
also, check the W9 form completion instructions, found at IRS.gov

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Jan 19, 2021 at 10:53 AM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
I guess I would ask the broker about that.

Kim Potter
BI Brighton

On Tuesday, January 19, 2021, 10:44:34 AM EST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:


How does an investment club (general partnership) complete section 4 of a W9 when requested by a broker in support of a new broker account for the club?

Section 4 applies to exemption from backup withholding and/or FACTA reporting.

Exempt payee code (if any) ____ ?

Exemption from FATCA reporting code (if any) _____________

I can't figure out if I even need to enter any codes in that section. Four pages of instructions/definitions for a simple one-page form can be confusing.

Thanks for any help!!

Pam Cler
Making Money in the Market
The partners are not employed contractors or employees of the partnership so I question why even a W9 is being requested or required? I'm not a tax expert but my question is a big WHY do they need this? The broker should not be taking part as a tax collector. Neither is the partnership in the position of "managing" funds for the individual members.

Megan McKinlay
ACM Model Investment Club

On Tue, Jan 19, 2021 at 8:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
also, check the W9 form completion instructions, found at IRS.gov

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Jan 19, 2021 at 10:53 AM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
I guess I would ask the broker about that.

Kim Potter
BI Brighton

On Tuesday, January 19, 2021, 10:44:34 AM EST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:


How does an investment club (general partnership) complete section 4 of a W9 when requested by a broker in support of a new broker account for the club?

Section 4 applies to exemption from backup withholding and/or FACTA reporting.

Exempt payee code (if any) ____ ?

Exemption from FATCA reporting code (if any) _____________

I can't figure out if I even need to enter any codes in that section. Four pages of instructions/definitions for a simple one-page form can be confusing.

Thanks for any help!!

Pam Cler
Making Money in the Market
A W-9 is required in any situation where there could be back-up withholding. Any of the situations that trigger back-up withholding for an individual can also trigger it for a club. This includes providing an incorrect TIN or failure to report all income on a tax return (Form 1065).

You do not enter anything in box 4.

Ira Smilovitz, EA

On Tue, Jan 19, 2021 at 11:44 AM Mike&Megan McKinlay via bivio.com <user*17245800001@bivio.com> wrote:
The partners are not employed contractors or employees of the partnership so I question why even a W9 is being requested or required? I'm not a tax expert but my question is a big WHY do they need this? The broker should not be taking part as a tax collector. Neither is the partnership in the position of "managing" funds for the individual members.

Megan McKinlay
ACM Model Investment Club

On Tue, Jan 19, 2021 at 8:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
also, check the W9 form completion instructions, found at IRS.gov

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Jan 19, 2021 at 10:53 AM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
I guess I would ask the broker about that.

Kim Potter
BI Brighton

On Tuesday, January 19, 2021, 10:44:34 AM EST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:


How does an investment club (general partnership) complete section 4 of a W9 when requested by a broker in support of a new broker account for the club?

Section 4 applies to exemption from backup withholding and/or FACTA reporting.

Exempt payee code (if any) ____ ?

Exemption from FATCA reporting code (if any) _____________

I can't figure out if I even need to enter any codes in that section. Four pages of instructions/definitions for a simple one-page form can be confusing.

Thanks for any help!!

Pam Cler
Making Money in the Market
Thank you Ira!
Pam


On Tue, Jan 19, 2021 at 11:56 AM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
A W-9 is required in any situation where there could be back-up withholding. Any of the situations that trigger back-up withholding for an individual can also trigger it for a club. This includes providing an incorrect TIN or failure to report all income on a tax return (Form 1065).

You do not enter anything in box 4.

Ira Smilovitz, EA

On Tue, Jan 19, 2021 at 11:44 AM Mike&Megan McKinlay via bivio.com <user*17245800001@bivio.com> wrote:
The partners are not employed contractors or employees of the partnership so I question why even a W9 is being requested or required? I'm not a tax expert but my question is a big WHY do they need this? The broker should not be taking part as a tax collector. Neither is the partnership in the position of "managing" funds for the individual members.

Megan McKinlay
ACM Model Investment Club

On Tue, Jan 19, 2021 at 8:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
also, check the W9 form completion instructions, found at IRS.gov

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Jan 19, 2021 at 10:53 AM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
I guess I would ask the broker about that.

Kim Potter
BI Brighton

On Tuesday, January 19, 2021, 10:44:34 AM EST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:


How does an investment club (general partnership) complete section 4 of a W9 when requested by a broker in support of a new broker account for the club?

Section 4 applies to exemption from backup withholding and/or FACTA reporting.

Exempt payee code (if any) ____ ?

Exemption from FATCA reporting code (if any) _____________

I can't figure out if I even need to enter any codes in that section. Four pages of instructions/definitions for a simple one-page form can be confusing.

Thanks for any help!!

Pam Cler
Making Money in the Market
The W9 is a form used to obtain relevant EIN and other pertinent information from organizations and contractors. Remember you will be receiving a 1099 from the broker. The W9 is a standard form for collecting that information. If you don't want to complete certain parts of the form, insert N/A and see what happens. It could well be they do not need some of the information on the form.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Jan 19, 2021 at 11:45 AM Mike&Megan McKinlay via bivio.com <user*17245800001@bivio.com> wrote:
The partners are not employed contractors or employees of the partnership so I question why even a W9 is being requested or required? I'm not a tax expert but my question is a big WHY do they need this? The broker should not be taking part as a tax collector. Neither is the partnership in the position of "managing" funds for the individual members.

Megan McKinlay
ACM Model Investment Club

On Tue, Jan 19, 2021 at 8:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
also, check the W9 form completion instructions, found at IRS.gov

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Jan 19, 2021 at 10:53 AM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
I guess I would ask the broker about that.

Kim Potter
BI Brighton

On Tuesday, January 19, 2021, 10:44:34 AM EST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:


How does an investment club (general partnership) complete section 4 of a W9 when requested by a broker in support of a new broker account for the club?

Section 4 applies to exemption from backup withholding and/or FACTA reporting.

Exempt payee code (if any) ____ ?

Exemption from FATCA reporting code (if any) _____________

I can't figure out if I even need to enter any codes in that section. Four pages of instructions/definitions for a simple one-page form can be confusing.

Thanks for any help!!

Pam Cler
Making Money in the Market