What if I am no longer subject to backup withholding?

If you think there's been a mistake or you're no longer subject to backup withholding, chat with us to update your W-9 tax certification. You’ll need to re-verify personal details such as your name, address, and Social Security number. And re-indicate whether the IRS has informed you that you're not subject to backup withholding. or that you're no longer subject to backup withholding.

If your account is subject to backup withholding because of a missing or expired W8-BEN, you can resolve it by completing the tax certification process. Upon logging into your SoFi account, you will be prompted to answer the Substantial Presence Test questions and provide the necessary information for your W8-BEN form. Once you have successfully submitted the information, signed the form via DocuSign, and uploaded any required documents like your non-US passport, the backup withholding will be removed.

If your tax status changes (for example, you become a U.S. Permanent Resident or citizen), you must update your tax form from a W8-BEN to a W-9. Please contact a SoFi agent, who can trigger the correct W-9 certification process for you. Completing the correct and current tax form ensures the proper withholding rules are applied to your account.