FATCA Exemption Codes on Form W-9: The A–M List and How to Pick

The FATCA exemption codes on Form W-9 are single letters, A through M, that identify U.S. entities whose accounts a foreign financial institution does not have to report to the IRS under the Foreign Account Tax Compliance Act. You enter one of these letters in the box labeled “Exemption from FATCA reporting code” only when you’re giving the W-9 to a financial institution outside the United States. In every other situation, including opening an account at a U.S. bank, the field stays blank.¹

When the FATCA Code Field Applies

The FATCA reporting code line on Form W-9 exists for one narrow purpose: to tell a foreign financial institution that it does not need to report your account to the IRS. If the party requesting your W-9 is a U.S. business, a domestic bank, or an employer or payer inside the United States, the code field has no function and you leave it empty.¹

Individuals also leave the field blank. The codes only describe entity types. A natural person, filling out a W-9 for any reason, has nothing to put in that box.¹

So the field is for a specific scenario: a U.S. entity, filling out a W-9 at the request of a foreign financial institution where that entity holds an account. If that describes you, pick the letter that matches your entity type from the list below.

The Full List of FATCA Exemption Codes (A Through M)

The IRS recognizes thirteen categories. Each U.S. entity type below is treated as a payee that is not a “specified U.S. person” under FATCA’s Chapter 4 rules, which is why foreign financial institutions can skip reporting the account.²

A — A tax-exempt organization under section 501(a), or any individual retirement plan.
B — The United States or any of its agencies or instrumentalities.
C — A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities.
D — A corporation whose stock is regularly traded on one or more established securities markets.
E — A corporation in the same expanded affiliated group as a publicly traded corporation described in code D.
F — A dealer in securities, commodities, or derivative financial instruments registered under U.S. or state law.
G — A real estate investment trust.
H — A regulated investment company, or an entity registered under the Investment Company Act of 1940.
I — A common trust fund.
J — A bank.
K — A broker.
L — A trust exempt from tax under section 664 or described in section 4947.
M — A tax-exempt trust under a section 403(b) plan or section 457(g) plan.

Picking the Right Code

Match your entity to the description, not to the label. A few of the categories cover more ground than their short name suggests, and a few are narrower than they look.

Code A is the broadest. It covers any organization recognized as tax-exempt under section 501(a), which includes 501(c)(3) charities along with the full range of other 501(c) organizations, plus any individual retirement arrangement. If you administer an IRA or run a nonprofit of almost any flavor, A is the right letter.²

Codes B and C sort government entities by level: federal under B, state and territorial under C. Agencies, instrumentalities, and political subdivisions fall under the same code as the government they belong to.

Codes D and E work as a pair for publicly traded corporations. D is the parent whose stock trades on an established securities market. E extends the exemption to other corporations in the same expanded affiliated group, so a privately held subsidiary of a public company uses E, not D.

Codes F, J, and K look similar and cause the most mix-ups. J is for banks, K is for brokers, and F is specifically for dealers in securities, commodities, or derivative financial instruments who are registered as dealers under U.S. or state law. Being licensed in a related activity isn’t enough; the registration has to be as a dealer.

Codes G, H, and I cover specific investment vehicle structures: real estate investment trusts, regulated investment companies and 1940 Act registrants, and common trust funds. The entity’s legal structure drives the code, not the kind of assets it holds.

Codes L and M are for trusts that are themselves tax-exempt under particular Code sections: section 664 charitable remainder trusts and section 4947 trusts for L, and trusts holding assets for 403(b) or 457(g) retirement plans for M.

If you work through the list and none of the thirteen descriptions fits your entity, you are not exempt, and you should leave the FATCA code field blank. The box is not a dropdown where you must pick something; a blank field is the correct answer whenever none of A through M applies.¹

What Happens If You Get the Code Wrong

FATCA backs its reporting rules with a 30% withholding tax on U.S.-source payments to foreign financial institutions that don’t comply. When you give a foreign financial institution a W-9, the information on that form tells the institution how to treat your account. A missing or incorrect FATCA exemption code can push an account into the reportable category when it shouldn’t be, or leave an institution unsure how to classify it.³

Entering a code you don’t actually qualify for carries the opposite risk: certifying an exemption you aren’t entitled to is a false statement on a signed tax document. The W-9 is signed under penalty of perjury, and the exemption claim is part of what you’re certifying.

The safe approach is to read each description carefully, pick the letter that fits your entity type exactly, and leave the field blank if nothing matches. If you’re uncertain whether your entity qualifies for a particular code, confirm the classification before signing rather than guessing.

If You’re a Foreign Entity, You’re on the Wrong Form

Form W-9 is for U.S. persons. The FATCA exemption codes on it describe U.S. entity types that foreign financial institutions don’t need to report. A foreign entity trying to document its own FATCA status does not use these letter codes at all; it uses Form W-8BEN-E, which carries a separate set of classifications called Chapter 4 statuses.⁴

If a withholding agent has asked you for a W-9 but your entity is organized outside the United States, check whether the request was correct before filling in anything. Giving a W-9 when a W-8BEN-E is the right form creates its own compliance problem, and no FATCA exemption code A through M can fix a form-selection mistake.

1
Internal Revenue Service. Instructions for the Requester of Form W-9
2
Internal Revenue Service. Form W-9
3
Office of the Law Revision Counsel. 26 U.S. Code 1471 – Withholdable Payments to Foreign Financial Institutions
4
Internal Revenue Service. Instructions for Form W-8BEN-E (10/2021)