2022 Fillable Irs W 9 Form – An Internal Revenue Service tax form known as a W-9, is used to confirm the address and name of the person. This confirmation can be requested for either an individual defined as an U.S. citizen or a resident in the United States or as an alien. Also known as the Request for Taxpayer ID Number and Certificate form, a form called a W-9 can be requested.
What does Form W-9 serve for?
The information gathered on the W-9 form is often used to create an alternative version of Form 1099. A 1099 form includes information on any income that might have been received from the TIN holder but could not be reported on the W-2 form. This can include earnings that are part of a contract, real estate transactions, dividends paid against investments, and other financial transactions.
Are you an independent contractor or employee?
If you’re an employee your employer will withhold tax on income, withhold and pay Social Security and Medicare taxes and also pay unemployment tax on your earnings. It won’t if you are an independent contractor. That means you’ll be responsible for the employer’s share of Social Security and Medicare taxes, and that you won’t be eligible for unemployment insurance in the event of being laid off.
Can I refuse to sign the Form W-9?
Sure. Yes. Businesses have a heavy obligation from the IRS to get a signed Form W-9 from every person that they pay over $600 for during the calendar year. There could be fines for not complying with.
Refusing to sign the form is not a sensible option if you believe the requester has no business doing so. Ask a tax professional if you have questions.
The Bottom Line
Forms W-9 are used for independent contractors, also called freelancers. It is essential to fill out the form correctly, however, only if it’s the right form to be submitted and the request has been approved. 2022 Fillable Irs W 9 Form