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2024

Instructions for Form 8966

FATCA Report

Section references are to the Internal Revenue Code
unless otherwise noted. General Instructions

Future Developments Summary of Chapter 4 and Related
Matters
For the latest information about developments related to
Form 8966 or its instructions, such as legislation enacted Under chapter 4 of the Internal Revenue Code (Code)
after they were published, go to IRS.gov/Form8966. (sections 1471–1474 and Treasury Regulations
(Regulations), commonly referred to as the Foreign
Account Tax Compliance Act or FATCA), a withholding
Reminders agent is generally required to deduct and withhold tax
Reporting on accounts held by nonparticipating For- equal to 30% of a withholdable payment made to a foreign
eign Financial Institutions (FFIs). Participating FFIs financial institution (FFI) unless the FFI has entered into
(PFFIs) (including Reporting Model 2 FFIs) are not an FFI agreement with the IRS to be treated as a
required to report an account held by a nonparticipating participating FFI (PFFI). Pursuant to the FFI agreement, a
FFI in Part II or Part V. Therefore, PFFIs (including PFFI agrees to satisfy, among other things, certain
Reporting Model 2 FFIs) should not check the box for reporting obligations for each calendar year concerning its
“nonparticipating FFI” on line 5 of Part II, should not check U.S. accounts, accounts held by owner-documented FFIs
the pooled reporting type “nonparticipating FFI” on line 1 (ODFFI), and certain aggregate information concerning
of Part V, and should not complete line 3 of Part V. accounts held by recalcitrant account holders. An FFI may
also be excepted from chapter 4 withholding if it is
Reporting Model 2 FFI related entities or branches. deemed to comply with the provisions of section 1471(b)
Reporting Model 2 FFIs may have related entities or under Regulations section 1.1471-5(f) or is otherwise
branches provided that the conditions in the Model 2 exempt from withholding if it is an exempt beneficial owner
intergovernmental agreement (IGA) are met, including the for chapter 4 purposes under Regulations section
requirement that the related entity or branch reports U.S. 1.1471-6. Chapter 4 also requires a withholding agent to
accounts to the IRS to the extent permitted. A related deduct and withhold tax equal to 30% of a withholdable
entity or branch of a Reporting Model 2 FFI filing Form payment made to a passive non-financial foreign entity
8966 should enter the filer category code for limited (NFFE) unless the passive NFFE certifies to the
branch or limited FFI on line 1b of Part I. withholding agent that it does not have any substantial
Reporting Model 2 FFIs reporting on non-consenting U.S. owners or provides certain identifying information
U.S. accounts. If a Reporting Model 2 FFI is reporting a with respect to its substantial U.S. owners. A withholding
preexisting account that is a non-consenting U.S. account, agent is also required to report information about
the Reporting Model 2 FFI should use the pooled substantial U.S. owners of a passive NFFE and specified
reporting category for recalcitrant account holders that are U.S. persons holding certain equity or debt interests in a
U.S. persons or recalcitrant account holders with U.S. payee that the withholding agent has agreed to treat as an
indicia (as appropriate). If a Reporting Model 2 FFI is ODFFI.
reporting a new individual account that has a change in
To facilitate FATCA implementation for FFIs operating in
circumstances that causes the Reporting Model 2 FFI to
jurisdictions with laws that would prevent the FFIs from
know or have reason to know that the original
complying with the terms of the FFI agreement, the
self-certification is incorrect or unreliable and the
Treasury Department developed two alternative model
Reporting Model 2 FFI is unable to obtain a valid
intergovernmental agreements (IGAs) (Model 1 IGA and
self-certification establishing whether the account holder
Model 2 IGA) that would allow FFIs operating in such
is a U.S. citizen or resident, the Reporting Model 2 FFI
jurisdictions to perform due diligence and reporting on
should use the pooled reporting category for recalcitrant
their account holders to achieve the objectives of FATCA.
account holders with U.S. indicia.
FFIs reporting under a Model 1 IGA (Reporting Model 1
U.S. branches. On line 1b of Part I, all U.S. branches of FFIs) report certain information about their U.S. reportable
an FFI not treated as U.S. persons should enter the filer accounts and certain payees, as required under the
category code for PFFIs (code 01). All U.S. branches that applicable IGA to their respective tax authorities.
are treated as U.S. persons should select the filer Reporting Model 1 FFIs do not file Form 8966 directly to
category code for withholding agents (code 10). the IRS. FFIs reporting under a Model 2 IGA (Reporting
Model 2 FFIs) report directly to the IRS on Form 8966
certain information about their U.S. accounts and certain
aggregate information concerning account holders who do
not waive legal restrictions for the FFI to report this
Instructions for Form 8966 (2024) Catalog Number 59612Q
Nov 7, 2024 Department of the Treasury Internal Revenue Service www.irs.gov

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information (non-consenting U.S. accounts). the reporting required of a Sponsoring Entity acting on
Trustee-Documented Trusts subject to a Model 2 IGA are behalf of a Sponsored FFI. See Regulations section
reported by the trustee of the Trustee-Documented Trust. 1.1472-1(c)(5) regarding the reporting required of a
Sponsoring Entity acting on behalf of a Sponsored Direct
Purpose of Form Reporting NFFE.
Form 8966 is required to be filed by filers listed under Who
Sponsored FFIs and Sponsored Direct Reporting
Must File, later, to report information with respect to
TIP NFFEs do not need to file Form 8966 if a
certain U.S. accounts, substantial U.S. owners of passive
Sponsoring Entity is reporting on its behalf.
NFFEs, specified U.S. persons that own certain debt or
equity interests in ODFFIs, and certain other accounts as • Trustee-Documented Trust. A trustee of a
applicable based on the filer’s chapter 4 status. Unless Trustee-Documented Trust reports on Form 8966 all
otherwise indicated, Reporting Model 2 FFIs should information required to be reported under an applicable
submit Form 8966 to report on its accounts consistent with IGA as if it were a Reporting Model 2 FFI with respect to
instructions for PFFIs. each U.S. account maintained by the
Trustee-Documented Trust.
Note. A separate Form 8966 must be filed for each
substantial U.S. owner of a passive NFFE and each Special Rules for Certain Form 8966 Filers
specified U.S. person owning certain equity or debt • Withholding agents. A withholding agent that is not an
interests in an ODFFI, and for each group of accounts of FFI and that makes a withholdable payment to a passive
an FFI for which pooled reporting is permitted as NFFE with a substantial U.S. owner (either directly or
described in Part V. indirectly through a flow-through entity that is also a
passive NFFE) if the first-mentioned NFFE is the
Who Must File beneficial owner of the payment, or a withholding agent
Except as otherwise provided in these instructions, you that is a designated withholding agent and that makes a
are required to file Form 8966 if you are one of the withholdable payment to an ODFFI with a specified U.S.
following persons. person owning certain equity or debt interests in the
• PFFI. A PFFI must file Form 8966 to report information ODFFI must report such substantial U.S. owners or
with respect to U.S. accounts, accounts held by ODFFIs, specified U.S. persons on Form 8966.
and accounts held by recalcitrant account holders (based
A U.S. payor (other than a U.S. branch) that is a PFFI
on the pools described in Part V).
(including a Reporting Model 2 FFI) or RDCFFI is not
• U.S. branch of an FFI not treated as a U.S. person.
required to file Form 8966 to report an account if it reports
A U.S. branch of an FFI that is not treated as a U.S.
payments to the account holder on Form 1099 to the
person is subject to the same Form 8966 reporting
extent specified in Regulations section 1.1471-4(d)(2)(iii)
requirements as a PFFI. See Regulations section
(A). With respect to an account held by a passive NFFE
1.1471-4(d)(2)(iii)(C).
with a substantial U.S. owner or an account held by an FFI
• Registered deemed-compliant FFI (RDCFFI). An
that the PFFI (including a Reporting Model 2 FFI) has
RDCFFI must file Form 8966 to report a U.S. account for
agreed to treat as an ODFFI, the PFFI (including a
which it has reporting obligations as a condition of its
Reporting Model 2 FFI) or RDCFFI that elects reporting on
applicable RDCFFI status. See Regulations section
Form 1099 must still file Form 8966 to report such
1.1471-5(f)(1)(i) or an applicable Model 2 IGA.
accounts.
• Related entity or branch described in an applicable
Model 2 IGA. A related entity or branch described in an A withholding agent that is a U.S. payor reporting
applicable Model 2 IGA must file Form 8966 to report a ! payments to U.S. non-exempt recipients must
U.S account to the extent permitted under the relevant CAUTION report these payments on the appropriate Form
laws pertaining to the branch or FFI. 1099 to the extent required under chapter 61. You do not
• Reporting Model 2 FFI. A Reporting Model 2 FFI must need to file Form 8966 to report these payments.
file Form 8966 to report information with respect to U.S.
accounts, accounts held by ODFFIs, and non-consenting An FFI other than a PFFI, Reporting Model 2 FFI,
U.S. accounts (based on the pools described in the ! or RDCFFI that is not required to file Form 8966
instructions for Reporting Model 2 FFIs in Part V). CAUTION may still be required to report a payment under
• Qualified Intermediary (QI), Withholding Foreign chapter 61.
Partnership (WP), or Withholding Foreign Trust (WT).
A QI, WP, or WT must file Form 8966 to report on its Form 8966 is not used to report any tax withheld
accounts, partners, beneficiaries, or owners, as applicable TIP under chapter 4 to the IRS. A withholding agent
and as provided in its QI, WP, or WT agreement. may, in addition to Form 8966, also have to file
• Direct Reporting NFFE. A Direct Reporting NFFE Form 1042, Annual Withholding Tax Return for U.S.
must file Form 8966 to report its substantial U.S. owners Source Income of Foreign Persons, and Form 1042-S,
or report that it has none. See Regulations section Foreign Person’s U.S. Source Income Subject to
1.1472-1(c)(3). Withholding, to report any tax withheld under chapter 4.
• Sponsoring Entity. A Sponsoring Entity must file Form For further information, see Forms 1042, 1042-S, and their
8966 to report an account of an FFI or a substantial U.S. instructions.
owner of a passive NFFE that it has agreed to treat as a • PFFI (including a Reporting Model 2 FFI) or
Sponsored FFI or a Sponsored Direct Reporting NFFE. RDCFFI electing chapter 61 reporting. A PFFI
See Regulations section 1.1471-4(d)(2)(ii)(C) regarding

2 Instructions for Form 8966 (2024)

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(including a Reporting Model 2 FFI) or RDCFFI that elects Under certain hardship conditions, the IRS may grant
to perform chapter 61 reporting to satisfy its chapter 4 an additional 90-day extension to file Form 8966. See
reporting requirements for certain accounts is not required Regulations section 1.1471-4(d)(3)(vii). To request an
to report on Form 8966 with respect to such an account additional 90-day extension of time to file Form 8966, file a
that is held by a specified U.S. person. Instead, the PFFI second Form 8809-I before the end of the initial extended
(including a Reporting Model 2 FFI) or RDCFFI shall due date. See the Instructions for Form 8809-I for more
report such account on Form 1099. See Regulations information on the requirements for requesting an
section 1.1471-4(d)(5). With respect to an account held by additional extension for filing Form 8966.
a passive NFFE with a substantial U.S. owner or an Each branch requesting an automatic or additional
account held by an FFI that the PFFI (including a extension must file a separate Form 8809-I.
Reporting Model 2 FFI) or RDCFFI has agreed to treat as
an ODFFI, the PFFI (including a Reporting Model 2 FFI) or Electronic filing requirement. An entity that is a
RDCFFI that elects reporting under chapter 61 must still financial institution is required to file Form 8966
file Form 8966 to report such accounts. electronically, irrespective of the number of Forms 8966
• U.S. branch that is treated as a U.S. person. A U.S. filed. All other filers are strongly encouraged to
branch that is treated as a U.S. person must file Form electronically file Forms 8966. To request a waiver from
8966 in the same manner as a withholding agent (see the required filing of Forms 8966 electronically, submit
earlier). See Regulations sections 1.1471-1(b)(135) and Form 8508-I. Waiver requests should be filed at least 45
1.1441-1(b)(2)(iv). days before the due date of the returns. See the
• Territory Financial Institution that is treated as a instructions for Form 8508-I for where to file and additional
U.S. person. A Territory Financial Institution that is a information.
flow-through entity or that acts as an intermediary with How to file electronically. Those filing electronically
respect to a withholdable payment and that agrees to be should refer to Pub. 5124 for instructions on how to
treated as a U.S. person must file Form 8966 in the same populate the fields for the electronic Form 8966. These
manner as a withholding agent (see earlier). See instructions can generally be used to supplement Pub.
Regulations sections 1.1471-1(b)(131) and 1.1471-2(a)(2) 5124. Information on how to submit the Form 8966
(iv). electronically to the IRS is provided in Pub. 5190 and Pub.
5188.
Combined Reporting Following a Merger or Bulk
If you are required to file electronically but fail to do so,
Acquisition of Accounts and you do not have an approved waiver on record,
If a PFFI (including a Reporting Model 2 FFI) (successor) penalties under sections 6721 through 6724 may apply.
acquires accounts of another PFFI (including a Reporting
Model 2 FFI) (predecessor) in a merger or bulk acquisition Where to file paper Form 8966. If you have received a
of accounts, the successor may assume the waiver of the Form 8966 electronic filing requirement from
predecessor’s obligations to report the acquired accounts the IRS or are not otherwise required to file Form 8966
on Form 8966 for the calendar year in which the merger or electronically, you may send all paper Forms 8966, along
acquisition occurs, provided the requirements in with Form 8966-C, Cover Sheet for Form 8966 Paper
Regulations section 1.1471-4T(d)(2)(ii)(G)(1) through (4) Submissions, to the following address.
are satisfied.
Internal Revenue Service
When, How, and Where To File FATCA, Stop 6052 AUSC
3651 South IH 35
When to file. Form 8966 is required to be filed for the Austin, Texas 78741
2024 calendar year on or before March 31, 2025. A
Reporting Model 2 FFI must file Form 8966 on the same
More information and updates to Form 8966. For
filing dates that apply to a PFFI, unless a different
information about FATCA, including updates to Form 8966
reporting date is specified in an applicable Model 2 IGA.
and its instructions, as well as answers to Frequently
Note. If the due date falls on a weekend or on a U.S. legal Asked Questions, go to IRS.gov/FATCA.
holiday, the due date will be the next business day.
Definitions
Extension of time to file. An automatic 90-day For detailed information about definitions that apply for
extension of time to file Form 8966 may be requested. To purposes of FATCA generally, see Regulations section
request an automatic 90-day extension of time to file 1.1471-1(b). A Reporting Model 1 FFI or Reporting Model
Forms 8966, file Form 8809-I. See the Instructions for 2 FFI should also refer to definitions that may apply under
Form 8809-I for where to file that form. You should request an applicable IGA or apply pursuant to any applicable
an extension as soon as you are aware that an extension domestic law pertaining to its FATCA obligations. Solely
is necessary, but no later than the due date for filing Forms for purposes of filing this Form 8966, the following
8966. No extension of time to file is permitted for Forms definitions are provided to help guide filers through the
8966 filed by a Reporting Model 2 FFI to report a process.
non-consenting U.S. account. A Reporting Model 2 FFI
should refer to the applicable Model 2 IGA for the due Account/financial account. An account or financial
dates for those filings. account means a financial account described in
Regulations section 1.1471-5(b).

Instructions for Form 8966 (2024) 3

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Account holder. An account holder is the person who Foreign financial institution (FFI). Except as otherwise
holds a financial account, as determined under provided for certain foreign branches of a U.S. financial
Regulations section 1.1471-5(a)(3). institution or Territory Financial Institution, an FFI means a
financial institution that is a foreign entity. The term foreign
Account maintained by a PFFI or Reporting Model 2
financial institution also includes a foreign branch of a U.S.
FFI. An account maintained by a PFFI or Reporting Model
financial institution with a QI Agreement in effect.
2 FFI means an account that a PFFI or Reporting Model 2
FFI is treated as maintaining under Regulations section Foreign reportable amount. The term “foreign
1.1471-5(b)(5). reportable amount” means the aggregate amount of
foreign source payments described in Regulations section
Branch. A branch means a unit, business, or office of a
1.1471-4(d)(4)(iv).
financial institution that is treated as a branch under the
regulatory regime of a country or that is otherwise Global intermediary identification number (GIIN). A
regulated under the laws of a country as separate from GIIN is a number assigned to a PFFI, Reporting Model 1
other offices, units, or branches of the financial institution, FFI, Reporting Model 2 FFI, RDCFFI, and certain other
and includes a disregarded entity of a financial institution. registering entities (for example, a Direct Reporting
A branch includes units, businesses, and offices of a NFFE). A separate GIIN will be issued to the FFI to
financial institution located in the country (or jurisdiction) identify, among other things, each jurisdiction where the
in which the financial institution is a resident as well as FFI maintains a branch not treated as a limited branch. A
units, businesses, and offices of a financial institution Direct Reporting NFFE will be issued only one GIIN,
located in the country in which the financial institution is irrespective of where it maintains branches.
created or organized. All units, businesses, or offices of a
Model 1 IGA. A Model 1 IGA means an agreement
PFFI located in a single country (or jurisdiction), including between the United States or the Treasury Department
all disregarded entities located in such single country (or
and a foreign government or one or more foreign agencies
jurisdiction), must be treated as a single branch.
to implement FATCA through reporting by financial
Branch that maintains an account. A branch, including institutions to such foreign government or agency thereof,
a disregarded entity, maintains an account if the rights and followed by automatic exchange of the reported
obligations of the account holder and the FFI with regard information with the IRS. For a list of jurisdictions treated
to such account (including any assets held in the account) as having an IGA in effect, see Treasury.gov/Policy-Issues/
are governed by the laws of the country of the branch or Tax-Policy/Foreign-Account-Tax-Compliance-Act.
disregarded entity.
Model 2 IGA. A Model 2 IGA means an agreement or
Direct Reporting NFFE. A Direct Reporting NFFE is an arrangement between the United States or the Treasury
NFFE that has elected to report its substantial U.S. Department and a foreign government or one or more
owners to the IRS pursuant to Regulations section foreign agencies to implement FATCA through reporting
1.1472-1(c)(3). by financial institutions directly to the IRS in accordance
with the requirements of the FFI agreement, as modified
Deemed-compliant FFI. A deemed-compliant FFI
by an applicable Model 2 IGA, supplemented by the
means an FFI that is treated, pursuant to section 1471(b)
exchange of information between such foreign
(2) and Regulations section 1.1471-5(f), as meeting the
government or agency thereof and the IRS. For a list of
requirements of section 1471(b).
jurisdictions treated as having an IGA in effect, see
Excepted NFFEs. Excepted NFFEs include NFFEs that Treasury.gov/Policy-Issues/Tax-Policy/Foreign-Account-
are QIs, WPs, and WTs, certain publicly traded Tax-Compliance-Act.
corporations (including certain affiliates of such
Non-consenting U.S. account. For purposes of a
corporations), certain territory entities, active NFFEs,
Reporting Model 2 FFI, a non-consenting U.S. account
excepted nonfinancial entities, Direct Reporting NFFEs,
shall have the meaning that it has under an applicable
and Sponsored Direct Reporting NFFEs, as described in
Regulations section 1.1472-1(c)(1). Model 2 IGA.
Non-financial foreign entity (NFFE). A non-financial
Exempt beneficial owner. An exempt beneficial owner
is any person described in Regulations section foreign entity (NFFE) is a foreign entity that is not a
financial institution. An NFFE includes a territory NFFE, as
1.1471-6(b) through (g) and includes any person treated
as an exempt beneficial owner under an applicable Model defined in Regulations section 1.1471-1(b)(132) and a
foreign entity treated as an NFFE pursuant to a Model 1
1 IGA or Model 2 IGA.
IGA or Model 2 IGA.
Financial institution (FI). An FI is any institution that is a
depository institution, custodial institution, investment Nonparticipating FFI. A nonparticipating FFI is an FFI
entity, insurance company (or holding company of an other than a PFFI, a deemed-compliant FFI, or an exempt
beneficial owner.
insurance company) that issues cash value insurance or
annuity contracts, or a holding company or treasury center Nonreporting FI. A nonreporting FI means an entity that
that is part of an expanded affiliated group of certain FFIs, is resident in or established in a jurisdiction that has in
and includes a financial institution, as defined under an effect a Model 1 IGA or Model 2 IGA and that is treated as
applicable Model 1 IGA or Model 2 IGA. See Regulations a nonreporting FI in Annex II of the applicable Model 1
section 1.1471-5(e)(1). IGA or Model 2 IGA or that is otherwise treated as a
deemed-compliant FFI or an exempt beneficial owner
under Regulations sections 1.1471-5 or 1.1471-6.

4 Instructions for Form 8966 (2024)

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Owner-documented FFI (ODFFI). An ODFFI is an FFI Reporting Model 2 FFI. A Reporting Model 2 FFI is an FI
described in Regulations section 1.1471-5(f)(3). or branch of an FI treated as a reporting financial
institution under a Model 2 IGA.
Participating FFI (PFFI). A PFFI is an FFI that has
agreed to comply with the requirements of an FFI Specified U.S. person. A specified U.S. person is any
agreement with respect to all branches of the FFI, other U.S. person described in Regulations section 1.1473-1(c).
than a branch that is a reporting Model 1 FFI or a U.S.
Sponsored Direct Reporting NFFE. A Sponsored
branch. The term PFFI also includes an FFI or branch of
Direct Reporting NFFE is a Direct Reporting NFFE that
an FFI described in a Model 2 IGA that has agreed to
has a Sponsoring Entity perform due diligence and
comply with the requirements of an FFI agreement with
reporting requirements on behalf of the Sponsored Direct
respect to a branch, and a QI branch of a U.S. financial
Reporting NFFE, as described in Regulations section
institution, unless such branch is a reporting Model 1 FFI.
1.1472-1(c)(5).
Passive NFFE. A passive NFFE is an NFFE that is not an
Sponsored FFI. A Sponsored FFI is an FFI that is an
excepted NFFE. With respect to a Reporting Model 2 FFI
investment entity, a controlled foreign corporation, or a
filing this Form 8966 to report its accounts and payees, a
closely held investment vehicle that has a Sponsoring
passive NFFE is an NFFE that is not an active NFFE (as
Entity that performs certain due diligence, withholding,
defined in the applicable Model 2 IGA).
and reporting obligations on behalf of the Sponsored FFI.
Pooled reporting. For purposes of this form, a PFFI is
Sponsoring Entity. A Sponsoring Entity is an entity that
permitted to report recalcitrant account holders (or, with
has registered with the IRS to perform the due diligence,
respect to a Reporting Model 2 FFI, non-consenting U.S.
withholding, and reporting obligations of one or more
accounts) on an aggregate basis in a reporting pool rather
Sponsored FFIs or Sponsored Direct Reporting NFFEs.
than report specific account holder information. With
respect to recalcitrant account holders, a reporting pool Substantial U.S. owner. A substantial U.S. owner is a
consists of account holders that fall within a particular type specified U.S. person described in Regulations section
described in Regulations section 1.1471-4(d)(6). With 1.1473-1(b). For purposes of filing this form, a Reporting
respect to non-consenting U.S. accounts, see Accounts Model 2 FFI reporting an account held by a passive NFFE
and Withholdable Payments Required To Be Reported for should substitute the term “controlling person that is a
which pooled reporting is permitted, later. specified U.S. person” for “substantial U.S. owner” and
refer to the applicable Model 2 IGA for the definition of
Qualified Intermediary (QI), Withholding Foreign
controlling person. A territory NFFE that is not an
Partnership (WP), Withholding Foreign Trust (WT). A
excepted NFFE determines its substantial U.S. owners by
QI is a foreign entity (or foreign branch of a U.S. financial
applying the 10% threshold in Regulations section
institution) that has in effect a QI agreement with the IRS.
1.1473-1(b)(1).
A WP is a foreign partnership that has in effect a
withholding foreign partnership agreement with the IRS. A Territory Financial Institution. A Territory Financial
WT is a foreign trust that has in effect a withholding foreign Institution is a financial institution that is incorporated or
trust agreement with the IRS. organized under the laws of any U.S. territory, excluding a
territory entity that is a financial institution only because it
Recalcitrant account holder. A recalcitrant account
is an investment entity.
holder is an account holder (other than an account holder
that is an FFI) of a PFFI or registered deemed-compliant Territory Financial Institution treated as a U.S. per-
FFI that has failed to provide the FFI maintaining its son. A Territory Financial Institution treated as a U.S.
account with the information required under Regulations person means a Territory Financial Institution treated as a
section 1.1471-5(g). U.S. person under Regulations section 1.1471-3(a)(3)(iv).
Registered deemed-compliant FFI (RDCFFI). A Trustee-Documented Trust. A Trustee-Documented
registered deemed-compliant FFI is an FFI described in Trust is a trust described as such in a Model 1 IGA or
Regulations section 1.1471-5(f)(1), and includes a Model 2 IGA.
Reporting Model 1 FFI, a QI branch of a U.S. financial U.S. account. A U.S. account is any account held by one
institution that is a Reporting Model 1 FFI, and a or more specified U.S. persons. A U.S. account also
nonreporting FI treated as a registered deemed-compliant includes any account held by a passive NFFE that has
FFI under a Model 2 IGA. one or more substantial U.S. owners, or in the case of a
Related entity or branch of a Reporting Model 2 FFI. Reporting Model 2 FFI, any account held by a passive
A related entity or branch of a Reporting Model 2 FFI is an NFFE that has one or more controlling persons that are
entity or branch treated as a nonparticipating FFI under specified U.S. persons. See Regulations section
Article 3(5) of the Model 2 IGA (or any analogous 1.1471-5(a) and an applicable Model 2 IGA.
provision in an applicable Model 2 IGA). U.S. branch treated as a U.S. person. A U.S. branch
Reporting Model 1 FFI. A Reporting Model 1 FFI is an treated as a U.S. person is a U.S. branch that is treated as
FI, including a foreign branch of a U.S. financial institution, a U.S. person under Regulations section 1.1441-1(b)(2)
treated as a reporting financial institution under a Model 1 (iv)(A).
IGA. Withholding agent. With respect to a withholdable
payment, a withholding agent is a person described in
Regulations section 1.1473-1(d).

Instructions for Form 8966 (2024) 5

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Withholdable payment. A withholdable payment is a report each U.S. account (within the meaning of the Model
payment described in Regulations section 1.1473-1(a). 2 IGA) of the Trustee-Documented Trust.
• Account held by a Territory Financial Institution not
Accounts and Withholdable Payments treated as a U.S. person. File a separate Form 8966 with
respect to each specified U.S. person or substantial U.S.
Required To Be Reported owner of a passive NFFE for which the Territory Financial
Accounts to be reported. A PFFI, Reporting Model 2 Institution acts as an intermediary or is a flow-through
FFI, or RDCFFI required to report as if it is a PFFI must file entity and provides the PFFI (including a Reporting Model
a separate Form 8966 annually for each account required 2 FFI) with the information and documentation required
to be reported, or for each group of accounts for which under Regulations section 1.1471-3(c)(3)(iii)(G). See
pooled reporting is permitted, in accordance with the FFI Regulations section 1.1471-4(d)(2)(ii)(B)(2).
agreement and Regulations section 1.1471-4(d). Such an • Accounts for which pooled reporting is permitted. PFFIs
FFI must report with respect to accounts required to be may report accounts held by the following persons on a
reported that are maintained at any time during each Form 8966 by pooled reporting type: recalcitrant account
calendar year. This includes accounts that the FFI is holders with U.S. indicia, recalcitrant account holders
required to treat as U.S. accounts or accounts held by without U.S. indicia, recalcitrant account holders that are
ODFFIs, including accounts that are identified as U.S. U.S. persons, recalcitrant account holders that are passive
accounts following a change in circumstances during such NFFEs, and recalcitrant account holders of dormant
year or due to the expiration during such year of the time accounts. See Regulations section 1.1471-4(d)(6). A
period provided in the applicable due diligence Reporting Model 2 FFI, under the terms of the Model 2
procedures for documenting the account holder. Such an IGA, is required to report certain aggregate information
FFI must also report accounts that are treated as held by regarding accounts it is required to treat as
recalcitrant account holders at the end of the calendar non-consenting U.S. accounts on Form 8966. If a
year. If an account holder rolls over the amounts in one Reporting Model 2 FFI is reporting a preexisting account
account into another account (of the same or different that is a non-consenting U.S. account, the Reporting
type) with the same FFI during the calendar year, do not Model 2 FFI should use the pooled reporting category for
report the account twice. Form 8966 reporting is required recalcitrant account holders that are U.S. persons or
for the following accounts. recalcitrant account holders with U.S. indicia (if the
• U.S. account maintained by a PFFI, Reporting Model 2 Reporting Model 2 FFI treats the account as a U.S.
FFI, or RDCFFI required to report as if it is a PFFI that is account based on U.S. indicia, as permitted under Annex I
held by a specified U.S. person, and for each substantial of the Model 2 IGA). If a Reporting Model 2 FFI is
U.S. owner (or, in the case of a Reporting Model 2 FFI, reporting a new individual account that has a change in
each controlling person that is a specified U.S. person) of circumstances that causes the Reporting Model 2 FFI to
a passive NFFE for which the FFI maintains the account. know or have reason to know that the original
File a separate Form 8966 for each substantial U.S. owner self-certification is incorrect or unreliable and the
(or controlling person) of a passive NFFE (as determined Reporting Model 2 FFI is unable to obtain a valid
under the Regulations or an applicable Model 2 IGA) that self-certification establishing whether the account holder
is a specified U.S. person. is a U.S. citizen or resident, the Reporting Model 2 FFI
should use the pooled reporting category for recalcitrant
Note. See Regulations section 1.1471-5(b) for details on account holders with U.S. indicia. (See Part V, Pooled
the types of accounts potentially subject to reporting, Reporting Type, later.)
including depository accounts, custodial accounts, equity
Account information to be reported. The following
or debt interests in certain types of financial institutions,
information is reported on Form 8966. See Specific
and certain cash value insurance or annuity contracts.
Instructions, later, to determine the information you are
Exceptions are provided, including for individual deposit
required to report based on your filing status.
accounts with a balance or value less than $50,000
(unless an election is made to forego the exception) and • Account held by specified U.S. persons.
Identification of the account holder (name, address, and
for certain retirement and other accounts. See
U.S. TIN), account number, account balance or value,
Regulations sections 1.1471-5(a)(4) and 1.1471-5(b)(2).
certain enumerated payments with respect to the account
Also see Regulations section 1.1471-5(a)(3) concerning
(described in Part IV), and such other information as may
who is considered the account holder where the listed
be required on Form 8966 or by these instructions. See
holders are certain trusts or agents, or when an account is
Regulations section 1.1471-4(d)(3)(ii).
jointly held.
• Account held by an ODFFI, as defined in Regulations • Account held by passive NFFE. With respect to a
passive NFFE, on a separate Form 8966 for each
section 1.1471-5(f)(3). File a separate Form 8966 to report
substantial U.S. owner, the name and address of the
for each specified U.S. person that owns certain equity or
NFFE, the identification of the substantial U.S. owner
debt interests in the ODFFI described in Regulations
(name, address, and U.S. TIN), account number, account
sections 1.1471-3(d)(6)(iv)(A)(1) and (2) and 1.1471-4(d)
balance or value, certain enumerated payments with
(2)(iii)(D) (excluding certain indirect owners described in
respect to the account (described in Part IV), and such
Regulations section 1.1471-5(f)(3)(ii)(E)).
other information as may be required on Form 8966 or by
• Account maintained by a Trustee-Documented Trust
these instructions. See Regulations section 1.1471-4(d)
that is a nonreporting Model 2 FFI, as defined in the
(3)(iii).
applicable Model 2 IGA. The trustee files a Form 8966 to

6 Instructions for Form 8966 (2024)

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• Account held by ODFFI. With respect to an account           payment made to a PFFI (including a Reporting Model 2 
held by an ODFFI, the name and address of the ODFFI           FFI) or a Reporting Model 1 FFI that is allocated to a 
and, with respect to each specified U.S. person that owns     payee that is an ODFFI on an FFI withholding statement 
certain equity or debt interests in the ODFFI described in    when the PFFI (including a Reporting Model 2 FFI) or 
Regulations section 1.1471-3(d)(6)(iv)(A)(1) and (2)          Reporting Model 1 FFI includes on the statement the 
(excluding certain indirect owners described in               certification described in Regulations section 1.1471-3(c)
Regulations section 1.1471-5(f)(3)(ii)(E)), identification of (3)(iii)(B)(2)(v), provided that the withholding agent does 
the specified U.S. person (name, address, and TIN),           not know or have reason to know that the certification is 
account number, account balance or value, certain             incorrect or unreliable. See Regulations section 
enumerated payments with respect to the account               1.1474-1(i)(2).
(described in Part IV), and such other information as may     • Amounts paid to a passive NFFE. With respect to a 
be required on Form 8966 or by these instructions. A          passive NFFE payee, on a separate Form 8966 for each 
separate Form 8966 must be filed for each such specified      specified U.S. person that is a substantial U.S. owner (or, 
U.S. person. See Regulations sections 1.1471-3(d)(6)(iv)      in the case of a Reporting Model 2 FFI, controlling 
(A)(1) and (2), and 1.1471-4(d)(3)(iv)(B).                    person), identification of the NFFE and each substantial 
• Accounts held by recalcitrant account holders.              U.S. owner (name, address, and TIN), total of all 
Report the number of accounts included in the reporting       withholdable payments made to the NFFE, and such other 
pool and the aggregate account balance or value for such      information as may be required on Form 8966 or by these 
accounts.                                                     instructions. A withholding agent is not required to report 
                                                              on Form 8966 on a withholdable payment made to a PFFI 
Withholding Agent Reporting                                   (including a Reporting Model 2 FFI) or an RDCFFI that is 
A withholding agent (other than an FFI reporting accounts     allocated to a payee that is a passive NFFE with one or 
maintained by such FFI under the account reporting rules      more substantial U.S. owners on an FFI withholding 
described earlier in Accounts and Withholdable Payments       statement when the PFFI (including a Reporting Model 2 
Required To Be Reported), files Form 8966 to report the       FFI) or RDCFFI includes on the statement the certification 
following in connection with a withholdable payment.          described in Regulations section 1.1471-3(c)(3)(iii)(B)(2)
• Amounts paid to an ODFFI. With respect to each              (iv), provided the withholding agent does not know or have 
ODFFI payee, on a separate Form 8966 for each specified       reason to know that the certification is incorrect or 
U.S. person that owns certain equity or debt interests in     unreliable. See Regulations section 1.1474-1(i)(1).
the ODFFI described in Regulations section 1.1471-3(d)
(6)(iv)(A)(1) and (2) (excluding certain indirect owners 
described in Regulations section 1.1471-5(f)(3)(ii)(E)),      Specific Instructions
identification of the ODFFI and specified U.S. person 
                                                              Before You Begin
(name, address, and TIN), total of all withholdable 
payments made to the ODFFI, account balance or value,         There are five parts to Form 8966. A filer completes only 
and such other information as may be required on Form         the relevant parts of the form applicable for that filer, as set 
8966 or by these instructions. A withholding agent is not     forth in the following chart.
required to report on Form 8966 on a withholdable 

Form 8966 Completion

FILER                   SEPARATE FORM 8966 FOR EACH                                               COMPLETE PARTS
PFFI                    U.S. account held by a specified U.S. person                              I, II, and IV
                        Substantial U.S. owner (or, in the case of a Reporting Model 2 FFI,       I, II, III, and IV
                        controlling person) of a passive NFFE (passive NFFE is holder of the U.S. 
                        account)
                        Specified U.S. person owning certain equity or debt interests in an ODFFI I, II, III, and IV
                        for which you act as a designated withholding agent
                        Pooled reporting for recalcitrant account holders (or non-consenting U.S. I and V
                        accounts)
WITHHOLDING AGENT       Specified U.S. person owning certain equity or debt interests in an ODFFI I, II, III, and IV
                        to which the withholding agent makes a withholdable payment
                        Substantial U.S. owner of a passive NFFE to which the withholding agent   I, II, III, and IV
                        makes a withholdable payment
DIRECT REPORTING NFFE   Substantial U.S. owner of a direct reporting NFFE                         I, III, and IV

Special instructions for filers not specifically listed in    requirements of a PFFI unless otherwise indicated. A 
chart. For purposes of applying the specific instructions     Sponsoring Entity of a Sponsored FFI files under the 
(including this chart), a withholding agent includes a U.S.   requirements of a PFFI. An RDCFFI files under the 
branch or Territory Financial Institution treated as a U.S.   requirements of a PFFI with respect to an account it is 
person. A Reporting Model 2 FFI files consistent with the     required to report as a condition of its deemed-compliant 
                                                              status. A trustee of a Trustee-Documented Trust files 

Instructions for Form 8966 (2024)                                                                                         7

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under the requirements of a PFFI. A Sponsoring Entity of a identifying number must be numeric (for example, 001)
Sponsored Direct Reporting NFFE files under the and must be exactly three digits. Enter the three-digit
requirements of a Direct Reporting NFFE. A related entity identifying number in the box for “Identifier” at the top of
or branch described in an applicable Model 2 IGA, to the the form.
extent it is permitted to report, files under the requirements
If you are filing a paper Form 8966 that is an amended,
of a PFFI unless otherwise indicated. Entities filing
corrected, or voided report, you must include the unique
consistent with a PFFI should substitute their chapter 4
identifying number that you assigned to the original form
status for PFFI where that term is used in the instructions,
that is being amended, corrected, or voided. For example,
except as otherwise noted.
to amend a form that had an identifying number of 002,
Amount and character of payments. The amount and the amended form should also have the identifying
character of payments made with respect to an account number 002. In addition, the identifying number will be
may be determined under the same principles that the filer used by the IRS to identify the form in any
uses to report information on resident account holders to correspondence with the filer.
its domestic tax authority. Thus, the amount and character
of items of income required to be reported need not be The identifying number must be unique to each original
determined in accordance with U.S. federal tax principles. Form 8966 filed for the current year. The identifying
If any type of payment is not reported to domestic tax number can be reused on a new original form in a
authorities, such amounts may be determined in the same subsequent year.
manner as used for reporting to the account holder.
Correcting a Previously Filed Form 8966:
Otherwise, reporting must either be in accordance with
U.S. federal tax principles, or with any reasonable method Corrected, Amended, and Voided Reports
consistent with the accounting principles applied by the If you are filing Form 8966 to correct or amend a
PFFI. IRS consent is required to change such method, previously filed Form 8966, submit the corrected
except that a change to rely on U.S. federal income tax information on the Form 8966 applicable to the year of the
principles is automatically permitted. See Regulations initial reporting as follows.
section 1.1471-4(d)(4)(iv)(E). Corrected report. If you are filing Form 8966 to correct
Currency translation. Account balance or value, and information submitted to the IRS in a previously filed Form
any reportable payment, may be reported in U.S. dollars 8966 in response to an IRS notification, complete Form
or in the currency in which the account or payment is 8966 containing the corrected information as if it were the
denominated. In the case of an account, or payments original Form 8966 for the year in question and check the
denominated in multiple currencies, the filer may elect to box “Corrected report.” You do not need to include a copy
report the account balance or value, or payments, in a of the originally filed Form 8966 marked “Voided report”
currency in which the account or payments are with the corrected Form 8966.
denominated and is required to identify the currency, If the Form 8966 that you are correcting was filed
including the applicable currency code, in which the ! electronically with the IRS, then the corrected
account is reported. See Regulations section 1.1471-4(d) CAUTION Form 8966 must also be filed electronically with
(4)(iv)(B) and (F). If an account balance or payment is the IRS. If the Form 8966 that you are correcting was filed
reported in U.S. dollars, the filer must calculate the in paper format with the IRS, then the corrected Form
amount in the manner described in Regulations section 8966 must also be filed in paper format with the IRS.
1.1471-5(b)(4). Failure to follow this rule will result in your corrected Form
Rounding off to whole currency amounts. You may 8966 not being processed by the IRS.
round fractional currency amounts up (or down) to the
closest non-fractional (whole) currency amount. If the Amended report. If you are filing Form 8966 to correct a
fractional currency amount is equal to or greater than half previously filed Form 8966 and you have not been
the value of the basic currency unit, round up to the next contacted by the IRS, complete Form 8966 containing the
whole currency amount. If the fractional currency amount corrected information as if it were the original Form 8966
is less than half the value of the basic currency unit, round and check the box “Amended report.” A copy of the Form
down to the next whole currency amount. If you choose to 8966 as originally filed with the IRS, updated by checking
round currency amounts, you must round all currency the “Voided report” box, must be filed with the amended
amounts reported. Form 8966.
The following illustrates the application of this rule to If the Form 8966 that you are amending was filed
U.S. dollar amounts. To round off amounts to the nearest ! electronically with the IRS, then the amended
whole dollar, drop amounts under 50 cents and increase CAUTION Form 8966 and accompanying voided Form 8966
amounts from 50 to 99 cents to the next dollar. For must be filed electronically with the IRS. If the Form 8966
example, $1.39 becomes $1 and $2.50 becomes $3. If that you are amending was filed in paper format with the
you have to add two or more amounts to figure the amount IRS, then the amended Form 8966 and accompanying
to enter on a line, include cents (your fractional currency voided Form 8966 must be filed in paper format with the
amount) when adding and only round off the total. IRS. Failure to follow this rule will result in your amended
Form 8966 not being processed by the IRS.
Identifier
Filers submitting paper Forms 8966 must assign a unique
identifying number to each Form 8966 they file. The

8 Instructions for Form 8966 (2024)

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Voided report. If you are filing an amended report, also provide the mailing address of the office of the branch that
file a copy of the Form 8966 as originally filed with the IRS, maintains the account reported in Part II. If the filer’s post
updated by checking the “Voided report” box. office does not deliver mail to a street address and the filer
has a post office box, enter the filer’s post office box
No accounts to report. A Direct Reporting NFFE or a number instead of the filer’s street address.
Sponsoring Entity reporting on behalf of a Sponsored
Direct Reporting NFFE that has no substantial U.S. Line 4. If the filer has been assigned a GIIN by the IRS,
owners to report during the calendar year should check enter it on line 4. Use the GIIN of the branch of an FFI that
this box and complete Part I only. This box is optional for maintains the account (if applicable). If the filer is a Direct
filers other than Direct Reporting NFFEs and Sponsoring Reporting NFFE, enter its GIIN, regardless of whether or
Entities filing on behalf of a Sponsored Direct Reporting not the account is maintained by a branch. A Sponsoring
NFFE. Entity or trustee filing Form 8966 on behalf of a Sponsored
FFI, Sponsored Direct Reporting NFFE, or
Part I—Identification of Filer Trustee-Documented Trust, as applicable, should enter
Use Part I to provide identifying information about the the Sponsoring Entity’s or trustee’s GIIN.
Form 8966 filer. All filers must complete lines 1a through A Sponsoring Entity should enter its Sponsoring
3c. Filers provide information on lines 4 through 10 as TIP Entity’s GIIN, not a separate GIIN (if any) it
required by the specific instructions for those lines. receives when registering as a PFFI or RDCFFI. A
Line 1a. Enter the filer's name. trustee should enter the GIIN it receives when it registers
to act as a trustee of a Trustee-Documented Trust, not a
A Direct Reporting NFFE must identify itself as the separate GIIN (if any) it receives when registering itself as
TIP filer and provide its identifying information on lines a PFFI or RDCFFI.
1a through 3c.
Line 5. If the filer has been assigned a U.S. taxpayer
A Sponsoring Entity or trustee that has agreed to identification number (TIN) by the IRS, enter it on line 5. If
TIP assume the reporting obligations of a Sponsored you entered a GIIN on line 4, do not complete line 5.
FFI, a Sponsored Direct Reporting NFFE, or However, a QI, WP, or WT enters on line 5 the employer
Trustee-Documented Trust, as applicable, must identify identification number (EIN) that was issued by the IRS to
itself as the Form 8966 filer and must provide its be used by the QI, WP, or WT when acting in its capacity
identifying information on lines 1a through 3c. Sponsored as such (in addition to entering its GIIN on line 4). The filer
FFIs, Sponsored Direct Reporting NFFEs, and is not required to obtain a U.S. TIN in order to file Form
Trustee-Documented Trusts are identified on line 6. 8966 if the filer has not been issued a U.S. TIN. Do not
enter a foreign TIN. If the filer does not have a U.S. TIN,
Line 1b. Enter one of the filer category codes listed leave this line blank.
below.
Lines 6 through 10. Lines 6 through 10 only need to be
A related entity or branch should use the code for completed if the filer is a Sponsoring Entity or a trustee of
TIP limited branch or limited FFI (code 03). All U.S. a Trustee-Documented Trust, or if the filer is making a
branches of FFIs not treated as U.S. persons payment to a Territory Financial Institution that is acting as
should use the code for PFFIs (code 01). All U.S. an intermediary or that is a flow-through entity and is not
branches that are treated as U.S. persons should use the treated as a U.S. person or to a certified
code for withholding agents (code 10). deemed-compliant FFI that is acting as an intermediary
• PFFI (other than a Reporting Model 2 FFI and including and providing the filer with information on a substantial
a U.S. branch of a PFFI not treated as a U.S. U.S. owner of a passive NFFE account holder or payee.
person)—Enter code 01. Enter the information required by lines 6 through 10 to
• RDCFFI—Enter code 02. report the indicated information relating only to one of the
• Limited Branch or Limited FFI—Enter code 03. following.
• Reporting Model 2 FFI—Enter code 04. • A Sponsored FFI on behalf of which a Sponsoring
• QI, WP, or WT—Enter code 05. Entity is filing Form 8966.
• Direct Reporting NFFE—Enter code 06. • A Sponsored Direct Reporting NFFE on behalf of which
• Sponsoring Entity of a Sponsored FFI—Enter code 07. a Sponsoring Entity is filing Form 8966.
• Sponsoring Entity of a Sponsored Direct Reporting • A Trustee-Documented Trust on behalf of which a
NFFE—Enter code 08. trustee is filing Form 8966.
• Trustee of a Trustee-Documented Trust—Enter code 09. • A Territory Financial Institution not treated as a U.S.
• Withholding Agent (including a U.S. branch of a PFFI, person that is acting as an intermediary or that is a
Reporting Model 1 FFI, Reporting Model 2 FFI, or RDCFFI flow-through entity and that receives a withholdable
treated as a U.S. person and a U.S. branch of a Reporting payment from the filer of Form 8966.
Model 1 FFI (including any other RDCFFI) or Limited FFI • A certified deemed-compliant FFI that is acting as an
that is not treated as a U.S. person)—Enter code 10. intermediary and providing the filer with information on a
• Territory Financial Institution treated as a U.S. substantial U.S. owner of a passive NFFE account holder
person—Enter code 11. or payee.
Lines 2 through 3c. Enter the filer’s mailing address, Lines 6 through 8c. Follow the instructions for lines 1a
including country and postal code. If the filer is a PFFI, through 3c to provide the information required by lines 6

Instructions for Form 8966 (2024) 9

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through 8c. Enter the name and mailing address, including under Accounts and Withholdable Payments Required To
country and postal code, of the Sponsored FFI, Be Reported, earlier.
Sponsored Direct Reporting NFFE, Trustee-Documented
Line 1a. Enter the name of the account holder or payee.
Trust, Territory Financial Institution, or a certified
deemed-compliant FFI acting as an intermediary. If the Line 1b. Check the appropriate box to indicate whether
post office does not deliver mail to a street address and the account holder or payee is an individual or entity.
the entity identified on line 6 has a post office box, enter Lines 2 through 3c. Enter the account holder’s or
the post office box number instead of the street address. payee’s residence address, including country and postal
Line 9. If the entity reported on line 6 is a Sponsored FFI code, on lines 2 through 3c. If a residence address cannot
(other than a sponsored, closely held investment vehicle) be reported as required, report the address used for
or a Sponsored Direct Reporting NFFE, enter the account or payee mailings by the FFI or withholding agent.
Sponsored Entity's GIIN on line 9. If the entity reported on Line 3c. If you are reporting an address in the United
line 6 is a Territory Financial Institution; States, enter only the 9-digit ZIP code (ZIP + 4) for that
Trustee-Documented Trust; Sponsored FFI that is a address.
sponsored, closely held investment vehicle; or certified
deemed-compliant FFI acting as an intermediary, leave Line 4. If the account holder or payee has been assigned
this line blank. a TIN, enter that number on line 4. If the account holder or
payee does not have a TIN, leave line 4 blank.
Do not enter the GIIN of the Sponsoring Entity or
Line 5. Check the appropriate box on line 5 that
CAUTION That information is reported on line 4.
! trustee of a Trustee-Documented Trust on line 9. describes the account holder or payee reported on
line 1a.
Line 10. If the entity shown on line 6 has been issued a
U.S. TIN, enter the TIN on line 10. If you entered the Part III—Owner Information (File a
entity's GIIN on line 9, do not complete line 10. If the entity Separate Report for Each U.S. Owner
shown on line 6 is a Territory Financial Institution that has
not been issued a TIN by the IRS, report the EIN assigned That Is a Specified U.S. Person)
to the entity by the relevant U.S. territory. If the entity See the chart at Specific Instructions and Special
shown on line 6 does not have either a GIIN or a TIN, instructions for filers not specifically listed in chart, earlier,
leave line 10 blank. before you begin this part to determine whether you are
required to complete Part III.
Part II—Account Holder or Payee
Use Part III to report information about substantial U.S.
Information owners of a passive NFFE, substantial U.S. owners of a
See the chart at Specific Instructions and Special Direct Reporting NFFE, substantial U.S. owners of a
instructions for filers not specifically listed in chart, earlier, Sponsored Direct Reporting NFFE, and specified U.S.
before you begin this part to determine whether you are persons owning certain equity or debt interests in an
required to complete Part II. ODFFI identified in Part II, line 1a. Complete lines 1
through 4 to report U.S. owner information as follows.
Direct Reporting NFFEs and Sponsored Direct Re-
porting NFFEs. If you are a Direct Reporting NFFE or a Line 1. Enter the U.S. owner’s name.
Sponsoring Entity filing Form 8966 on behalf of a Lines 2 through 3c. Enter the U.S. owner’s residence
Sponsored Direct Reporting NFFE, do not complete Part address, including country and postal code, on lines 2
II. Identifying information about the Direct Reporting NFFE through 3c.
or Sponsored Direct Reporting NFFE should be provided
in Part I of the Form 8966. Line 3c. If you are reporting an address in the United
States, enter only the 9-digit ZIP code (ZIP + 4) for that
Jointly held accounts. If you are reporting a address.
CAUTION account holder that is a specified U.S. person on a
! jointly held account in Part II, you must report each Line 4. Enter the social security number (SSN), individual
separate Form 8966. taxpayer identification number (ITIN), or employer
identification number (EIN) of the U.S. owner.
Lines 1a through 5. Account holder or payee U.S. owners. If you are a PFFI or withholding
information. Complete lines 1a through 5 as follows to ! agent reporting substantial U.S. owners of a
report information with respect to: CAUTION passive NFFE, or specified U.S. persons owning
• A U.S. account held by a specified U.S. person and certain equity or debt interests in an ODFFI, you are
maintained by a PFFI. required to file a separate Form 8966 to report information
• A passive NFFE with substantial U.S. owners or an required in Part III for each such substantial U.S. owner or
ODFFI with certain equity or debt interests held by specified U.S. person. If you are a Direct Reporting NFFE
specified U.S. persons that: or a Sponsoring Entity filing on behalf of a Sponsored
1. Is an account holder of a PFFI; or Direct Reporting NFFE, you are required to file a separate
2. Receives a withholdable payment from a Form 8966 to report each substantial U.S. owner.
withholding agent, unless the withholding agent receives
the certification from a PFFI or RDCFFI receiving the
payment, as described in Withholding Agent Reporting

10 Instructions for Form 8966 (2024)

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Part IV—Financial Information If an account is closed or transferred in its entirety
TIP during the calendar year, enter the amount or
See the chart at Specific Instructions and Special value withdrawn or transferred from the account in
instructions for filers not specifically listed in chart, earlier, connection with the closure or transfer on line 3a and
before you begin this part to determine whether you are check the box on line 3b for “Account closed during the
required to complete Part IV. year.”
Use Part IV to provide financial information about:
• An account maintained by a PFFI and held by a Each holder of a jointly held account is attributed
specified U.S. person, passive NFFE with substantial U.S. TIP the entire balance or value of the joint account.
owners, or ODFFI with specified U.S. persons holding
certain equity or debt interests in the ODFFI reported on Line 3b. Account closed during the year. Check this
Part II, line 1a. box if the account reported in Part IV was closed or
• A withholdable payment made to a passive NFFE with a transferred in its entirety during the calendar year. If an
substantial U.S. owner or an ODFFI with a specified U.S. account holder rolls over the amounts in one account into
person holding certain equity or debt interests in the another account (of the same or different type) with the
ODFFI reported on Part II, line 1a, by a withholding agent same FFI during the calendar year, do not report the
that is not a PFFI. account as closed.
• The value of each substantial U.S. owner’s equity
interest in the Direct Reporting NFFE or the Sponsored Line 4a. Enter the aggregate gross amount of interest
Direct Reporting NFFE. paid or credited to the account being reported for the
• The total of all payments made to each substantial U.S. calendar year.
owner of a Direct Reporting NFFE or a Sponsored Direct Line 4b. Enter the aggregate gross amount of dividends
Reporting NFFE during the calendar year by such NFFE paid or credited with respect to an account being reported
with respect to each such owner's equity interest in the for the calendar year.
NFFE.
Line 4c. Enter the aggregate gross proceeds from the
PFFI Filers sale or redemption of property paid or credited to the
account being reported for the calendar year.
Enter the following information on lines 1 through 4d for
each account required to be reported by a PFFI and held Line 4d. Enter the aggregate gross amount of all income
by a specified U.S. person, a passive NFFE with respect paid or credited to an account for the calendar year,
to its substantial U.S. owners, or an ODFFI with respect to reduced by interest, dividends, and gross proceeds
certain equity or debt interests held by more than one reported on lines 4a through 4c. For accounts described
specified U.S. person. in Regulations sections 1.1471-5(b)(1)(iii) (certain debt or
equity interests, other than an interest as a partner in a
Line 1. Enter the account number on line 1. The account
partnership) or 1.1471-5(b)(1)(iv) (certain cash value
number is the identifying number assigned by the PFFI for
insurance contracts and annuity contracts), enter the
a purpose other than the filing of this form, or, if no such
aggregate gross amounts paid or credited to the account
number is assigned to the account, a unique serial
during the calendar year, including payments in
number or other number the PFFI assigns to the account
redemption (in whole or part) of the account, and do not
for purposes of filing this form that distinguishes it from
enter any amounts on lines 4a through 4c. In the case of
other accounts maintained by the PFFI. For example, the
an account that is a partner’s interest in a partnership,
account number may be the account number of a
report the amount of the partner’s distributive share of the
custodial account or depository account, the code (ISIN or
partnership’s income or loss for the calendar year, without
other) related to a debt or equity interest (if not held in a
regard to whether any such amount is distributed to the
custody account), or the identification code of a cash
partner during the year, and any guaranteed payments for
value insurance contract or annuity contract. If the PFFI
the use of capital, and do not enter any amounts on lines
has no account numbering system, enter “NANUM” for no
4a through 4c. The amounts required to be reported may
account number.
be determined based on the partnership's tax returns or, if
Line 2. If the amounts reported on lines 3a and 4a the tax returns are unavailable by the due date for filing
through 4d are not reported in U.S. dollars, enter the code this form, the partnership's financial statements or any
for the currency in which the amounts are reported. The other reasonable method used by the partnership for
currency code must be a valid three-character ISO 4217 calculating the partner's share of partnership income by
currency code. If the amounts are reported in U.S. dollars, such date.
enter “USD.”
If an account is closed or transferred in its entirety
Line 3a. Enter the average calendar year account TIP during a calendar year, report the amounts paid or
balance or value if that amount is reported to the account credited to the account for the calendar year until
holder. Otherwise, report the account balance or value as the date of transfer or closure on lines 4a through 4d. See
of the end of the calendar year. See Regulations section Regulations section 1.1471-4(d)(4)(iv)(D).
1.1471-5(b)(4) for detailed rules for determining an
account’s balance or value.

Instructions for Form 8966 (2024) 11

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Withholding Agents currency code must be a valid three-character ISO 4217
A withholding agent that is not an FFI should enter the currency code. If the amounts are reported in U.S. dollars,
following information on lines 1 through 4d in connection enter “USD.”
with withholdable payments made to: Line 3a. Enter the value of the equity interest in the NFFE
• An account maintained by the withholding agent and of the substantial U.S. owner identified in Part III.
held by a passive NFFE with a substantial U.S. owner or
Line 3b. Do not check the box on line 3b.
an ODFFI with a specified U.S. person owning certain
equity or debt interests in the ODFFI. Lines 4a through 4d. Enter the total of all payments
• A payment on an obligation made to a payee that the made by the NFFE during the calendar year to the
withholding agent treats as a passive NFFE with substantial U.S. owner identified in Part III (either divided
substantial U.S. owner(s) or an ODFFI with a specified by type of payment on lines 4a through 4d or as one
U.S. person owning certain equity or debt interests in the amount on line 4d), including the gross amounts paid or
ODFFI. credited to the substantial U.S. owner with respect to such
owner’s equity interest in the NFFE during the calendar
Line 1. If the payment is made to an account, enter the
year, which include payments in redemption or liquidation
account number on line 1. If the payment is not made to
(in whole or part) of the substantial U.S. owner’s equity
an account maintained by the payor, enter “NANUM” for
no account number. interest in the NFFE.

Line 2. If the amounts reported on lines 3a and 4a Part V—Pooled Reporting Type
through 4d are not reported in U.S. dollars, enter the code See the chart at Specific Instructions and Special
for the currency in which the amounts are reported. The instructions for filers not specifically listed in chart, earlier,
currency code must be a valid three-character ISO 4217 before you begin this part to determine whether you are
currency code. If the amounts are reported in U.S. dollars, required to complete Part V.
enter “USD.”
If you are a PFFI, use Part V to report information about
Line 3a. With respect to an account held by an ODFFI, the accounts held by recalcitrant account holders (or, for a
enter the average calendar year account balance or value Reporting Model 2 FFI, non-consenting U.S. accounts) on
if that amount is reported to the account holder. a pooled basis. If you are required to report more than one
Otherwise, report the account balance or value as of the type of pooled reporting account, file a separate Form
end of the calendar year. See Regulations section 8966 for each type.
1.1471-5(b)(4) for detailed rules for determining an
account’s balance or value. If the account holder is a Direct Reporting NFFEs and Sponsored
passive NFFE, or if the payment is not made to an ! Direct Reporting NFFEs. Do not complete Part
account, enter “0” on this line. CAUTION V.

Line 3b. Do not check the box on line 3b. Lines 1 through 5. Complete lines 1, 2, 4, and 5 as
Line 4a. Enter the aggregate gross amount of interest follows to report information about accounts for which
paid (or credited to the payee’s account) that is a pooled reporting is permitted. Do not complete line 3.
withholdable payment for the calendar year. Line 1. Check the appropriate box for the applicable
Line 4b. Enter the aggregate gross amount of dividends pooled reporting type. See Accounts and Withholdable
paid (or credited to the payee’s account) that is a Payments Required To Be Reported for which pooled
withholdable payment for the calendar year. reporting is permitted for the categories of pooled
reporting accounts.
Line 4c. Enter the aggregate gross proceeds paid (or
credited to the payee’s account) that is a withholdable If you are a Reporting Model 2 FFI reporting a
payment for the calendar year. TIP preexisting account that is a non-consenting U.S.
account, use the pooled reporting category for
Line 4d. Enter the aggregate gross amount of all income recalcitrant account holders that are U.S. persons or
paid (or credited to the payee’s account) that is a recalcitrant account holders with U.S. indicia (if the
withholdable payment for the calendar year, reduced by Reporting Model 2 FFI treats the account as a U.S.
interest, dividends, and gross proceeds reported on lines account based on U.S. indicia, as permitted under Annex I
4a through 4c. of the Model 2 IGA). If you are a Reporting Model 2 FFI
reporting a new individual account that has a change in
Direct Reporting NFFEs and Sponsored Direct circumstances that causes you to know or have reason to
Reporting NFFEs know that the original self-certification is incorrect or
If you are a Direct Reporting NFFE or a Sponsoring Entity unreliable and you are unable to obtain a valid
filing Form 8966 on behalf of a Sponsored Direct self-certification establishing whether the account holder
Reporting NFFE, complete lines 1 through 4d as follows. is a U.S. citizen or resident, use the pooled reporting
category for recalcitrant account holders with U.S. indicia.
Line 1. Enter “NANUM” (for no account number) on
line 1. Line 2. Enter the total number of accounts reported in
Line 2. If the amounts reported on lines 3a and 4a Part V.
through 4d are not reported in U.S. dollars, enter the code Line 3. Do not complete this line.
for the currency in which the amounts are reported. The

12 Instructions for Form 8966 (2024)

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Line 4. Enter the aggregate balance or value of the You are not required to provide the information
accounts held by recalcitrant account holders (or, for requested on a form that is subject to the Paperwork
Reporting Model 2 FFIs, non-consenting U.S. accounts) at Reduction Act unless the form displays a valid OMB
the end of the year. control number. Books or records relating to a form or its
instructions must be retained as long as their contents
Line 5. If the amounts reported on lines 3 and 4 (to the may become material in the administration of any Internal
extent applicable) are not reported in U.S. dollars, enter Revenue law. Generally, tax returns and return information
the code for the currency in which the amounts are are confidential, as required by section 6103.
reported. The currency code must be a valid
three-character ISO 4217 currency code. If the amounts The time needed to complete and file this form will vary
are reported in U.S. dollars, enter “USD.” depending on individual circumstances. The estimated
average time is 25 minutes.
Paperwork Reduction Act Notice. We ask for the
If you have comments concerning the accuracy of this
information on this form to carry out the Internal Revenue
time estimate or suggestions for making this form simpler,
laws of the United States. Chapter 4 of the Code requires
we would be happy to hear from you. You can send us
certain withholding agents and foreign financial
comments from IRS.gov/FormComments. Or you can
institutions to report information with respect to certain
write to Internal Revenue Service, Tax Forms and
U.S. accounts, substantial U.S. owners of passive NFFEs,
Publications,1111 Constitution Ave. NW, IR-6526,
U.S. accounts held by owner-documented FFIs, and
Washington, DC 20224. Do not send the form to this
certain other accounts as applicable based on the filer’s
address. Instead, see When, How, and Where To File,
chapter 4 status. Form 8966 is used to comply with this
earlier.
reporting requirement.

Instructions for Form 8966 (2024) 13

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