W9 Form Montana 2022

W9 Form Montana 2022A Internal Revenue Service tax form called a W-9 is used to verify the address and name of the person. A confirmation request can be submitted to either a U.S. citizen, or an non-resident alien. Also known as the Request for Taxpayer ID Number and Certificate form, a form called a W-9 is available for request.

W9 Form 2022 Fillable Editable Printable

What Is Form W-9 Used for?

Most of the time, the W-9 information is used to create Form 1099. The 1099 form provides information about any income that may be received by the TIN holder that wouldn’t normally be recorded on the W-2 form. This can include, but not limited to, income paid to a person as part of a contract as well as certain real estate transactions and dividends earned against an investment, and other financial transactions.

Employee or Independent Contractor?

Employers are required to withhold income tax and also withhold and pay Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor, it won’t. That means your employer pays Social Security and Medicare taxes. If you’re laid off, you won’t be eligible to receive unemployment compensation.

Can I refuse to sign Form W-9

Yes. Yes. Companies are required to the IRS to collect a completed form W-9 from everyone that they pay over $600 to during the year. Infractions to this requirement could be a cause for penalties.

If you believe the person who requested the form is not legitimately making the request, but, refusal is probably an ideal choice. Talk to a tax expert if there are any questions.

The Bottom Line

W-9 forms are designed for independent contractors, also known as freelancers. It is essential to fill out the form correctly, however, only if it’s the correct form to submit and the request has been approved. W9 Form Montana 2022