Complete the basic information in section one. Section one of the W-9 is where you will need to fill in your name, and address. For box 1, type or write your full name.
Full Answer
How to fill out a W-9 form for a business?
How to fill out your W-9 form Line 1 – Name: This line should match the name on your income tax return. This the legal name of your as an individual or as a company. Line 2 – Business name: This line is optional and would include your business name, trade name, DBA name, or disregarded entity name if you have any of these.
What is the difference between W-9 & W-4 tax forms?
The people who fill out tax form W-9 are self-employed professionals who work as independent contractors, consultants or similar employees. If you're a regular new employee for a company, it's likely you can fill out form W-4 instead of W-9 to set up your tax withholdings.
When to use a W-9 form for a resident alien?
Use Form W-9 to request the taxpayer identification number (TIN) of a U.S. person (including a resident alien) and to request certain certifications and claims for exemption. (See Purpose of Form on Form W-9.) Withholding agents may require signed Forms W-9 from U.S. exempt recipients to overcome a presumption of foreign status.
How do I get a copy of my W-9?
To get started, download the latest W-9 form from the IRS website. Check the date in the top left corner of the form as it is updated occasionally by the IRS. The current revision should read “ Rev. October 2018″. Click anywhere on the form and a menu appears at the top that will allow you to either print or save the document.
How should a W9 be filled out?
How to fill out a W-9Enter your name. Write or type your full legal name as shown on your tax return.Enter your business name. ... Choose your federal tax classification. ... Choose your exemptions. ... Enter your street address. ... Enter the rest of your address. ... Enter your requester's information.
Do I need a W9 for stocks?
Federal law indicates that all shareowners must comply with IRS regulations requiring the submission of a certified taxpayer identification number (Social Security Number (SSN)) for individuals and Tax Identification Number (TIN) or Employer Identification Number (EIN) for entities, by submitting an executed Substitute ...
What is a W9 form for stocks?
W-9. A form used to certify a shareholder's social security or tax identification number as true and correct, in order to avoid federal tax withholding. * Required Information.
Do I have to pay taxes if I fill out a W9?
In general, income that results from a W-9 arrangement is not subject to IRS withholding. Rather, it is the payee's responsibility to claim the income on his or her tax return, and to pay any appropriate taxes.
Do I have to fill out a w9 for Robinhood?
This form will ask you to certify your personal information like your name, address, and social security number. US persons should also report whether they have been instructed by the IRS that they are subject to backup withholding. If you're a US person for tax purposes, you can submit your W-9 in the app.
Can I refuse to fill out a w9?
Can I refuse to fill out the W-9? Yes, you can refuse a request to fill out the W-9 but only if you are suspicious as to why a business has made the request. Be wary of filling out the W-9 if the business does not have a legitimate reason to ask you to fill it out.
Is a w9 for self-employed?
W-9 forms are for self-employed workers like freelancers, independent contractors and consultants. You need to use it if you have earned over $600 in that year without being hired as an employee.
How do you fill out a w9 if you don't have a business?
Your Name and Your Company Name If you do not have a business name, you may leave this box blank. If you own a limited liability company, the IRS considers your company a “disregarded entity” for tax purposes, but you must write the company name in this box.
Who completes a w9?
Who needs to fill out a W-9 form? Employers who work with independent contractors must provide them with a W-9 form to fill out before starting work.
Why would someone want me to fill out a W9?
Who Needs to Complete Form W-9? You will usually submit a W-9 form when you engage with a company where reporting information to the IRS might be necessary, such as receiving payments for services you provide as an independent contractor, paying interest on your mortgage or even contributing money to your IRA account.
What is the difference between i 9 and W-9?
The key difference between I9 and W9 are that I9 form is an official verification of identity and legal authorization to work required for all paid employees whereas W9 is a form filled by third party companies such as independent contractors who provide services to companies, upon the request from the respective ...
Who is exempt from providing a W9?
All payees listed in items 1 through 4 and 6 through 11 are exempt. Also, C corporations are exempt. A person registered under the Investment Advisers Act of 1940 who regularly acts as a broker also is exempt.
Who completes a W-9?
U.S. person. The W-9 form should only be completed by what the IRS calls a “U.S. person”. Some examples of U.S. persons include an individual who is a U.S. citizen or a U.S. resident alien.
What form do you report wages on?
This requirement is similar to the way that companies have to report all wages paid to employees. These payments are typically reported to the IRS on Form 1096 and to the vendor or independent contractor on Form 1099.
Why do you need line 2?
The purpose of line 2 is to help identify your company to your customer if the name on Line 1 is not one commonly known by your customer.
Who does the IRS report payments to?
The short answer is – the IRS. The IRS requires companies to add up all the “reportable” payments made to vendors and independent contractors during the calendar year and report these payments to the IRS. This requirement is similar to the way that companies have to report all wages paid to employees. These payments are typically reported ...
Do you list account numbers on W-9?
We recommend that you do not list any account numbers as you may have to provide additional W-9 forms for accounts you do not include. Requester’s name and address: This is an optional section you can use to record the requester’s name and address you sent your W-9 to.
What is a W-9 for Shutterstock?
IRS form W-9 is most commonly used by individuals when they are working as a freelancer or independent contractor. Shutterstock uses the information provided on this form to report your earnings to the IRS.
Does Shutterstock give tax advice?
Shutterstock cannot give personal tax or legal advice. If you still have questions about taxes after reviewing the information in the Tax Center, please contact your legal and/or tax advisor. If you are not a US citizen or resident, please read our guidelines for submitting a form W-8 .
How to show full name on W-9?
Show the full name and address as provided on Form W-9 on the information return filed with the IRS and on the copy furnished to the payee. If the payee has marked their address “NEW”, you should update your records. If you made payments to more than one payee or the account is in more than one name, enter on the first name line of the information return only the name of the payee whose TIN is shown on Form W-9. You may show the names of any other individual payees in the area below the first name line on the information return. Forms W-9 showing an ITIN must have the name exactly as shown on line 1a of the Form W-7 application. If you are a PFFI reporting a U.S. account on Form 8966, FATCA Report, and the account is jointly held by U.S. persons, file a separate Form 8966 for each holder.
How long do you have to file a W-9?
This is an “awaiting-TIN” certificate. The payee has 60 calendar days, from the date you receive this certificate, to provide a TIN. If you do not receive the payee's TIN at that time, you must begin backup withholding on payments.Reserve rule. You must backup withhold on any reportable payments made during the 60-day period if a payee withdraws more than $500 at one time, unless the payee reserves an amount equal to the current year's backup withholding rate on all reportable payments made to the account.
How to match TIN with 1099B?
TIN Matching allows a payer or authorized agent who is required to file Forms 1099-B, DIV, INT, K, MISC, OID, and/or PATR to match TIN and name combinations with IRS records before submitting the forms to the IRS. TIN Matching is one of the e-services products that is offered and is accessible through the IRS website. Go to IRS.gov and enter “e-services” in the search box. It is anticipated that payers who validate the TIN and name combinations before filing information returns will receive fewer backup withholding (CP2100) notices and penalty notices.
What is a W-9?
Form W-9 (or an acceptable substitute) is used by persons required to file information returns with the IRS to get the payee's (or other person's) correct name and TIN. For individuals, the TIN is generally a social security number (SSN).
Is 1099-MISC withholding exempt from backup withholding?
Payees listed in items 1 through 5 generally are exempt.However, the following payments made to a corporation and reportable on Form 1099-MISC, Miscellaneous Income, are not exempt from backup withholding.
Can a W-9 be faxed?
Requesters may establish a system for payees and payees' agents to submit Forms W-9 electronically, including by fax. A requester is anyone required to file an information return. A payee is anyone required to provide a taxpayer identification number (TIN) to the requester.
Is 6041A subject to backup withholding?
Payments that are not subject to information reporting also are not subject to backup withholding. For details, see sections 6041, 6041A, 6042, 6044, 6045, 6049, 6050A, 6050N, and 6050W and their regulations. The following payments generally are exempt from backup withholding.
