IRS Form W9 Printable Pdf – A W-9 is an Internal Revenue Service (IRS) tax form which is used to verify the identity of a person’s address, name and taxpayer identification number (TIN) in order to prove jobs or other reasons that generate income. A confirmation request can be made to either a U.S. citizen, or an alien resident. Also known as the Request for Taxpayer ID Number and Certificate form, a W-9 form is available for request.
What’s the purpose of Form W-9? for?
The data gathered from the form W-9 is frequently used to create an equivalent of Form 1099. A 1099 form contains information regarding any earnings that might have been earned by the TIN holder that would not normally be listed on a W-2 form. This could include income earned as part of a contract, real property transactions, dividends on investments, and various other financial transactions.
Employee or Independent Contractor?
If you’re an employee your employer will withhold tax on income as well as withhold and pay Social Security and Medicare taxes as well as pay unemployment taxes on your earnings. This isn’t the case if you’re an independent contractor. You’ll be responsible for the employer’s share of Social Security and Medicare taxes as well as not be eligible for unemployment benefits should you be laid off.
Can I refuse to fill out the Form W-9?
Absolutely. If you do not respond to a legitimate request, your client will withhold taxes from your pay at a rate of 24%.10 The department that handles accounting might also consider you a hassle and advise your contact not to conduct business with you again. The IRS has a mandatory obligation to companies to request an official form W-9 from any person they pay $600 or more during the year. You may be subject to fines if you fail to comply.
Refusing to sign the form is a wise choice if that the person asking for the form has no right doing so. Contact a tax professional should you have questions.
The Bottom Line
W-9 forms are meant for independent contractors, also called freelancers. It’s important to fill out the form in a timely manner, but only if you’re certain that it’s the correct form to be submitted and that your demand is genuine. IRS Form W9 Printable Pdf