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The IRS Form W-9, commonly referred to as “Request for Taxpayer Identification Number and Certification,” is the form that is used to gather the legal name and tax identification number (TIN) of an individual or business entity. This form is required when a payment is made, and taxes are not being withheld. Stay up to date with the most recent instructions.
Source: Forms and Associated Taxes for Independent Contractors
When is a W-9 form required?
A W-9 form must be collected if a payment is being made and withholding taxes are not being deducted. According to IRS laws, an employer making payments for wages is responsible for collecting withholdings from employees. After completion and signing, a W-9 form requires the recipient to be accountable for the tax liability incurred when accepting a payment.
Source: 26 U.S. Code § 3402(a)(1)
Staying Compliant
Businesses need W-9s from vendors and contractors to stay compliant with IRS rules on reporting income. Fail to provide one, and they may have to withhold taxes at the highest rate. Having it ready shows you’re a responsible taxpayer who understands the game. It’s just one of those routine requirements that keeps the whole system running smoothly.
When do I need it?
You’ll need to provide a completed W-9 form anytime you receive payments from which taxes must be withheld. Some common situations include:
- Independent contractor
- Freelancer
- Receiving interest/dividends
- Income from investments
- Collecting prize money, awards or gambling winnings
Easy and Simple
Despite its importance, the W-9 is simple. Enter the name, address, and TIN (Social Security Number for individuals). Just provide that info, sign it, and you’re done.
When to Watch Out
There are a few exceptions where you wouldn’t need to submit a W-9, like if the income is from your regular job (where you get a W-2 instead) or if the total payments are less than $600 for the year.
How to Fill out W-9 Tax Form? Steps
Step 1
Enter full legal name in the “Name” field.
Step 2
Enter the “Business Name.”
Step 3
Check the Federal Tax Class, i.e. “Individual”.
Step 4
Enter “Exemption Codes” (if any).
Free Printable and Fillable 2024 IRS Form W-9 FAQs
What is the W-9 Form?
The W-9 form is a tax document issued by the Internal Revenue Service (IRS) that requests a taxpayer’s identification number and certification. This form is used by businesses and individuals when hiring independent contractors, freelancers, or vendors to ensure proper tax reporting and withholding.
Who Needs to Fill Out a W-9?
If you’re an independent contractor, freelancer, or vendor providing services to a company or individual, you’ll likely be asked to complete a W-9 form. This allows the payer to accurately report your earnings to the IRS and avoid penalties for failure to withhold taxes.
How Do I Get a Free Fillable W-9 Form for 2024?
Accessing a fillable W-9 form for 2024 – simply visit the IRS website and download the latest version. You can fill it out digitally on your computer or print it out and complete it by hand. You can also download a free W-9 form using our free templates.