What is a W-9 Form?
The IRS Form W-9 is used by businesses to collect tax information from non-employees, such as freelancers or contractors.
The IRS W-9 tax form, officially called the Request for Taxpayer Identification Number and Certification, is used by businesses and other entities to collect a tax identification number (TIN), which can be your Social Security number or Employer Identification Number (EIN). This helps them report income payments they make to you of $600 or more to the IRS. You typically fill out a W-9 as an independent contractor, freelancer, or gig worker.
Are you looking for more 2024 federal tax forms?
The IRS uses a variety of federal tax forms. There are other forms used for different purposes. For instance, you might use a Form W-4 to tell your employer how much federal income tax to withhold from your paycheck or a Form 1040-ES to pay estimated taxes if you have income that isn’t subject to withholding.
To access the 2024 Federal Tax Forms, follow the link below. You can use the search feature on the table to find the specific tax form you’re looking for
List of 2024 Federal Tax FormsDo not send the W-9 form to the IRS. The W-9 is for the person or company that will be paying you. They will use the information you provide on the W-9 to complete a 1099 tax form, which reports the income they paid you to the IRS.
Please keep a copy of your W-9 as your tax records and give the completed form to the party requesting it (the one paying you).
What it is:
- A form used by businesses, organizations, and individuals to gather your Taxpayer Identification Number (TIN).
- Your TIN can be your Social Security Number (SSN) for individuals or an Employer Identification Number (EIN) for businesses.
- It helps them verify your identity and accurately report income paid to you to the IRS.
Form W-9 is a crucial document for collecting tax information from independent contractors, ensuring compliance with tax regulations.
Who is required to fill out a w9?
Who needs to fill it out:
- Independent contractors and freelancers who earn $600 or more per year from a single business or entity.
- Anyone receiving payments for things like rent, prize winnings, or royalties.
- Individuals opening investment accounts or applying for a mortgage.
Is a W-9 required every year?
Generally, a W-9 must not be submitted yearly to the same payer (business or entity you’re working for). Here’s a breakdown:
When you only need to submit a W-9 once:
- You provided your correct information, and there haven’t been any changes since then (name, address, TIN).
- You continue to work for the same payer in the subsequent year(s).
When you might need to submit a new W-9:
- If your information on the original W-9 has changed (name, address, TIN).
- The payer requests a new W-9 even if your information hasn’t changed (though this isn’t common).
- You start working with a new payer for the first time.
Frequently Asked Questions
Can a W-9 be signed electronically?
You can sign, date, and submit the form electronically; no physical signature is needed. However, the electronic system need not meet the requirements of the IRS.
Does the W9 form update each year?
No, the IRS does not update the W-9 Form each year. The most current version of the form was last updated in October 2018.
Is there a penalty for not completing a W-9?
There isn’t a direct penalty for the individual, but the payer may withhold a portion of your earnings or delay payment until they receive the form.
Where do I send the W-9?
The W-9 goes to the person or company that will be paying you. They will use the information to file a 1099 tax form with the IRS.
What if the data on the W-9 is incorrect?
Giving false information on your W-9 form is a serious matter. It could lead to a penalty. If there’s a mistake on your W-9, like a typo in your name or TIN, let the company know and submit a corrected form. Please make sure you provide the correct information before sending it.
Information Required on a W9 Form
- Essential Information (Section 1):
- Name: Enter your full legal name.
- Business Name: If applicable, provide your business name.
- Tax Classification: Check the appropriate box (e.g., “Individual” if you’re not contracted through a company you own).
- Address: Fill in your street address, city, state, and zip code.
- Optional: Box 7 is for an account number if your employer requires it.
- Part I:
- Social Security Number (SSN): If you’re an individual, enter your SSN.
- Taxpayer Identification Number (TIN): For resident aliens, sole proprietors, or disregarded entities, provide your TIN. Other entities should use their Employer Identification Number (EIN).
- If you don’t remember your TIN/EIN/SSN, contact the IRS or Social Security Administration.
- Certification (Part II):
- Read the certification information carefully.
- Sign and date the form if everything is accurate.
Tips for Taxpayers:
- Accuracy Matters: Double-check your TIN before submitting the form. Errors can lead to complications down the road.
- Keep Records: Maintain a copy of the completed W-9 form for your records.
- Update as Needed: If your information changes (e.g., due to a name change), promptly update your W-9.