Answer by Wray Rives:
An exempt payee for W9 purposes is any of the following:
- An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2);
- The United States or any of its agencies or instrumentalities;
- A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions, agencies, or instrumentalities;
- A foreign government or any of its political subdivisions, agencies, or instrumentalities;
- A corporation;
- A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or possession
- A futures commission merchant registered with the Commodity Futures Trading Commission
- A real estate investment trust;
- An entity registered at all times during the tax year under the Investment Company Act of 1940;
- A common trust fund operated by a bank under section 584(a);
- A financial institution;
- A middleman known in the investment community as a nominee or custodian;
- A trust exempt from tax under section 664 or described in section 4947.