W9 Form Printable Minnesota – A W-9 form is an Internal Revenue Service (IRS) tax form that is used to verify the identity of a person’s address, name and taxpayer identification number (TIN) to verify reasons of employment or for other income-generating activities. A confirmation request can be made to either an U.S. citizen, or an foreign resident. Also called the Request for Taxpayer ID Number and Certification form, the W-9 form can be requested.
What’s Form W-9 Useful For?
The data gathered from W-9 forms is often used to produce an equivalent of Form 1099. The form 1099 contains details regarding any earnings that might have been earned by the TIN holder that is not typically listed on the W-2 form. This includes income received as part of a contractor real property transactions, dividends on investments, and other financial transactions.
Are you an independent contractor or employee?
Employers will withhold income taxes and also withhold Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor, it won’t. It means that you’ll have to pay for the employer’s portion of Social Security and Medicare taxes but you won’t be eligible for unemployment compensation when you’re laid off.
Can I refuse to sign Form W-9?
Yes. If you refuse in response to a legitimate request your client will withhold taxes from your wages at an amount of 24%.10 The accounting department could be able to see you as a nuisance and notify your contact to not conduct business with you again. The IRS has a strict obligation for businesses to collect a completed form W-9 from anyone who pays more than $600 during the year. If they fail to do so, it could be a cause for penalties.
If you believe you know that the person asking for the form has no business asking for it, though you are hesitant, it’s probably the best option. Consult a tax professional if you have any concerns.
The Bottom Line
W-9 forms are for independent contractors, also known as freelancers. It’s important to fill out the form correctly, but only when you’re sure it’s the right form to be submitted and that your application is legitimate. W9 Form Printable Minnesota