It is very unlikely that you are exempt from backup withholding, but some groups and types of transactions are exempt.
Groups exempt from backup withholding
- Government agencies
- Non-profit organizations
- Banks and corporations
Transactions exempt from backup withholding
- Real estate transactions
- Foreclosures and abandonments
- Cancelled debts
- Distributions from Archer Medical Savings Accounts (MSAs)
- Long-term care benefits
- Distributions from any retirement account
- Distributions from an Employee Stock Ownership Plan (ESOP)
- Cash payments for fish
- Unemployment compensation
- State or local income tax refunds
- Qualified tuition program earnings
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