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IRS Tax Forms

Under the Internal Revenue Service (IRS) tax code guidelines regarding withholding, reporting, and documenting clients, Wachovia may be required to withhold tax on U.S. source payments (dividends, gross proceeds, interest, etc.) made to clients. As a U.S. withholding agent, Wachovia is required to obtain IRS tax forms from their clients to make certain that the correct tax rate is applied. 

• Non-U.S. clients are required to provide one of the following W-8 IRS forms (W-8BEN, W-8ECI, W-8EXP, or W-8IMY. If a form is not provided, Wachovia is required to withhold a 30% non-resident alien tax to all U.S. source payments.
• U.S. and resident alien clients are required to provide an IRS Form W-9. If the form is not provided, Wachovia is required to apply backup withholding at the 28% rate on all payments.

Since these requirements can be complicated, Wachovia is taking appropriate measures to properly document clients who receive U.S. source payments. The following information is provided to address your questions regarding IRS documentation requirements. 

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