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Form 8805

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What Is Form 8805?

Form 8805, also known as the Foreign Partner's Information Statement of Section 1446 Withholding Tax, is a tax form used by foreign partners in a partnership or an LLC that has elected to be treated as a partnership. IRS form 8805 is filed annually by foreign partners to report their share of income, gains, losses, deductions, and credits from a U.S. trade or business that are subject to withholding under Section 1446 of the Internal Revenue Code.

Form 8805 Screenshot

How To Fill Out Form 8805 Online

Filling out form 8805 pdf online is a straightforward process that involves several steps. Here's a step-by-step guide to help you complete the form accurately:

Get a Copy of the Form: First of all, you should visit the PDFliner site which provides a wide variety of different form templates for different situations, and also the IRS form 8805 pdf template.
Gather Your Information: Before you start filling out Form 8805, you need to have the following information:
- Partnership's name, address, and EIN
- Your name, address, and TIN or EIN
- Your distributive share of partnership income, gain, loss, deduction, and credit items
- Your residency status and tax treaty country (if applicable)
- Your eligibility for any statutory exemptions (if applicable)
Enter Your Basic Information: Start by entering your name, address, and TIN or EIN at the top of the form. Then, enter the name, address, and EIN of the partnership or LLC that has been elected to be treated as a partnership.
Complete Part I: In Part I of Form 8805, you need to provide information about your share of partnership income, gain, loss, deduction, and credit items that are subject to withholding under Section 1446. You need to enter the amounts in U.S. dollars and cents, and you should round to the nearest dollar.
Complete Part II: In Part II of Form 8805, you need to certify your residency status and tax treaty country (if applicable). If you're claiming a reduced withholding rate under a tax treaty, you need to attach a copy of the treaty to the form.
Complete Part III: In Part III of Form 8805, you must certify your eligibility for statutory exemptions from withholding. If you're claiming an exemption, you need to enter the appropriate exemption code and attach a statement explaining the basis for the exemption.
Sign and Date the Form: Finally, you need to sign and date form 8805 IRS, certifying that the information you provided is true and correct to the best of your knowledge.

What Should Form 8805 Include

The 8805 tax form should include the following information:

Your name, address, and TIN or EIN
The name, address, and EIN of the partnership or LLC that has elected to be treated as a partnership
Your distributive share of partnership income, gain, loss, deduction, and credit items that are subject to withholding under Section 1446
Your residency status and tax treaty country (if applicable)
Your eligibility for any statutory exemptions from withholding
Your signature and date

In addition, if you're claiming a reduced withholding rate under a tax treaty, you need to attach a copy of the treaty to the form. If you're claiming an exemption from withholding, you need to attach a statement explaining the basis for the exemption.

Who Should File Form 8805

Form 8805 should be filed by foreign partners in a partnership or an LLC that has elected to be treated as a partnership and has received a distributive share of effectively connected income (ECI) from a U.S. trade or business. Foreign partners who are subject to withholding tax under Section 1446 of the Internal Revenue Code can use the 8805 form to certify their eligibility for a reduced withholding rate under a tax treaty or a statutory exemption.

It's important to note that Form 8805 is an annual form that must be filed by March 15th of the year following the partnership's tax year. Foreign partners who fail to file Form 8805 on time may be subject to penalties and interest on any under-withheld tax.

In addition, foreign partners who file Form 8805 must also report their distributive share of partnership income, gain, loss, deduction, and credit items on their own U.S. tax return. This reporting requirement applies regardless of whether the foreign partner received any distributions from the partnership during the tax year.

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