What is a W9 form

0
595

What is a W9 form

When someone requests taxpayers’ Tax Identification Number (TIN), this is the form you should use to verify the information. 2 Key information on the W9 form.

  • Taxpayer Identification Number (TIN)
  • Backup Withholding status (what is backup withholding?) If a taxpayer fails to certify their TIN and backup withholding status on IRS Form W-9, or a similar statement, backup withholding may begin immediately.

Types of Income categories reported on the W9 form

  • Interest Earned or Paid (Form 1099 INT)
  • Dividends (Form 1099 DIV)
  • 1099-MISC income (Form 1099 MISC)
  • Stock, Mutual fund sales and broker transactions (Form 1099 B)
  • Real estate transactions (Form 1099 S)
  • Home mortgage interest (Form 1098)
  • Student loan interest (Form 1098 E)
  • Tuition (Form 1098 T)
  • Merchant card and third-party network transactions (Form 1099 K)
  • Acquisition or abandonment of secured property (Form 1099 A)
  • Cancellation of debt (Form 1099 C)

Terms on W9 Form

Before you complete and sign a W9 form, you need to need to have a rigorous knowledge on terms and terminology on W9, so go through below explanations on different terms and terminologies found on W9 form.

Taxpayer Identification Number (TIN) – Two types of Taxpayer Identification Numbers,

  • Individuals – It is your social security number (SSN)
  • Business entities – It is their employer identification number (EIN)

Backup Withholding – Backup Withholding refers to a percentage of income that is held from the taxpayer’s payments received and is remitted to the IRS. Please see the IRS explanation on Backup Withholding for more details.

Taxpayer Identification Number (TIN) – Two types of Taxpayer Identification Numbers,

  • Individuals – It is your social security number (SSN)
  • Business entities – It is their employer identification number (EIN)

Backup Withholding – Backup Withholding refers to a percentage of income that is held from the taxpayer’s payments received and is remitted to the IRS. Please see the IRS explanation on Backup Withholding for more details.

Where can we download a W9 form ?

You can download a W9 from from the IRS website. Please click on the below link and download it.

https://www.irs.gov/pub/irs-pdf/fw9.pdf

LEAVE A REPLY

Please enter your comment!
Please enter your name here