W9 Form Illinois 2022

W9 Form Illinois 2022An Internal Revenue Service tax form called a W-9 can be used to verify a person’s name and address. A confirmation request is made to either a U.S. citizen, or an non-resident alien. The form W-9 is also known as a Request for Taxpayer Identification Number and the Certification form.

W9 Form 2022 Fillable Editable Printable

What is Form W-9 used For?

The W-9 information is used to create Form 1099. The 1099 form provides information about any income that may have been earned by the TIN holder that could not be reported on a W-2 form. This could include income earned as part of a contract, real estate transactions, dividends paid against investments, as well as other financial transactions.

Employee or Independent Contractor?

Employers are required to withhold income tax and also withhold Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor, it isn’t. This means that your employer pays Social Security and Medicare taxes. If you are laid off, you will not be eligible for unemployment compensation.

Can I choose not to fill out the Form W-9?

Absolutely. Yes. The IRS is obligated for companies to obtain an official form W-9 from each person who pays more than $600 per year. You may be subject to fines for not complying with.

Refusing to sign the form is not a sensible option if you believe that the person asking for the form has no right signing it. Ask a tax professional if you have questions.

The Bottom Line

Forms for W-9 can be utilized by independent contractors (also known as freelancers). It is essential to fill out the form correctly, however, only if you have the right form to be submitted and the request has been granted. W9 Form Illinois 2022