W9 Form Printable Montana – The W-9 form is an Internal Revenue Service (IRS) tax form which is used to verify an individual’s name, address as well as taxpayer identification number (TIN) for jobs or other reasons that generate income. A confirmation request can be submitted to either the U.S. citizen, or an alien resident. The W-9 form is known as the Request for Taxpayer Identification Number and the Certification form.
What’s the purpose of Form W-9? to do?
Most of the time, the W-9 information is used to create Form 1099. The form 1099 contains details on any income that might be received by the TIN holder , which could not be reported on the W-2 form. This can include, but is not restricted to, income given to an individual in connection with the terms of a contract and certain real estate transactions; dividends paid against an investment; and various other financial transactions.
Are you an independent contractor or employee?
Employers will withhold income taxes and also withhold and pay Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor, it won’t. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes as well as not be eligible for unemployment compensation when you’re laid off.
Can I refuse to sign Form W-9?
Sure. Yes. The IRS has a strict obligation for businesses to collect W-9 forms that are completed from every person who has paid more than $600 during the year. Failure to comply can be a cause for fines.
Refusing to fill out the form is a best option if the requester isn’t qualified for doing so. If you’re concerned, talk to a tax professional to tell you what you need to do.
The Bottom Line
W-9 forms are meant for freelancers, also known as freelancers. It is vital to complete the form correctly, but only if you have the right form to be submitted and the request has been granted. W9 Form Printable Montana