Filling Out Form W-9: Request for Taxpayer Identification Number TIN and Certification

So while a W-2 is not at all like a W-9, it does serve a similar purpose as a 1099 because W-2s and 1099s are both information returns. The difference is that an employer completes W-2s for its employees, and a third-party payer completes 1099s for non-employees. A W-9, on the other hand, collects information that helps a third-party payer report payments to the IRS. The payer uses the information from your W-9 to file a 1099 form with the IRS. GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information.

When to Request a W-9 Form?

An exempt payee code is an identification number used to identify entities exempt from backup withholding. Page 3 of Form W-9 lists 13 types of entities, each with its own code number (e.g., 11 for a financial institution). You should only consider refusing to send a Form W-9 if you suspect the entity requesting it may be illegitimate due to the sensitive nature of the personal information found on such forms. But an Employer Identification Number (EIN) may be needed instead of their Social Security Number in two instances.

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If you filled out a paper version of the form, ensure your handwriting is readable. If filing on behalf of a business, enter the business’s mailing address. Check the box corresponding to your federal tax classification or that of the business you are filing this form for, if applicable.

• Also, you may cross out item 2 if filling out the form for a real estate transaction.
• This definition includes U.S. persons registered creators on adults-only online platforms such as OnlyFans.
• Accurate information on your Form W-9 ensures that payments you receive – or other transactions that require this form – are properly reported to the IRS.
• Otherwise, one option is to use a free online service to encrypt your completed Form W-9 and email it securely to the requester.
• This also ensures that you won’t be subject to backup withholding and penalties.

Line 2: Business Name/Disregarded Entity Name

Some of the most common mistakes made on Form W-9 include not entering the correct TIN and not selecting Accounting for Churches the correct federal tax classification. You can avoid these mistakes by double-checking the information you have provided before submitting Form W-9. If you’re an employee, your employer will withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on your wages. Instead of filling out a Form W-9, new hires are often asked to fill out a W-4 to provide their taxpayer information to their employer. Accurate information on your Form W-9 ensures that payments you receive – or other transactions that require this form – are properly reported to the IRS.

How can I securely send my completed W-9 to the requester?

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What Is Form W-9?

Companies hiring individuals with any self-employed status (e.g., gig worker, independent contractor) may request a W-9 form from them. The safest way to send an electronic version of your Form W-9 is to use a free encryption service to encrypt the email. Then email the encrypted file and send the decrypting password in a separate email. Alternatively, you and the requesting entity may use a secure file-sharing platform to send and receive the electronic form. Individuals with a sole proprietorship status must enter their SSN into a Form W-9 if they haven’t yet received or applied for an EIN.

• Section 664 or section 4947 trusts are exempt from W-9 taxes because they are charitable trusts.
• Instead, W-9s are passed on to the person whose money has been invested.
• If you are filing on behalf of your business or have been authorized by a business to file on their behalf, enter that business’s name.
• Examples are doctors, accountants, contractors, and subcontractors.
• An exempt payee code is an identification number used to identify entities exempt from backup withholding.
• If you are subject to backup withholding, cross out item two in Part II of Form W-9 before submitting it.

Line 4 on the form allows the applicant to indicate whether the organization they represent is a charity or a nonprofit by entering the correct exempt payee code. The distinction between a non-employee and an employee has to do primarily with the level of control over the work being done. An independent contractor, for instance, is classified as such if the payer has the right to control or direct only the result of the work, not what or how it will be completed. If you aren’t sure if you or someone you have working for you is an employee or non-employee, see this article from the IRS on determining employee vs independent contractor status. If you are part of a business and have been requested to submit Form W-9, make sure to provide the correct business name/disregarded entity name, federal tax classification and TIN. You only need to fill out a W-9 form when it is requested from you, such as when you are providing your services to a company as an independent contractor.

Dallas Fort Worth International Airport (DFW) is ready for what is projected to be its busiest Thanksgiving travel season yet, with an anticipated 3.1 million travelers from Nov. 21 to Dec. 3. Dallas Fort Worth International Airport (DFW) is preparing for its busiest winter holiday season on record, with an estimated 4.7 million passengers traveling through the airport from Dec. 20 to Jan. 7. Dallas Fort Worth International Airport (DFW) is preparing to welcome an estimated 4.8 million passengers during the Spring Break travel period, March 6-24. Get the latest news on investing, money, and more with our free newsletter. Form W-9 for non-employees is comparable to Form W-4 for employees, the Employee’s Withholding Certificate.

If the company pays the contractor more than $600 per tax year, the company will then issue a Form 1099 at the end of the year for tax purposes. The W-9 ensures they have all the information they need for tax preparation. If a company pays a contractor less than $600, there is no need to file a Form 1099. Its primary purpose is to confirm the identity (e.g., full name, address, taxpayer identification details) of a person receiving income from another person (the requesting entity).