W9 Tax Form Printable – The W-9 form is an Internal Revenue Service (IRS) tax form that is used to verify the identity of a person’s address, name as well as taxpayer identification number (TIN) in order to prove reasons of employment or for other income-generating activities. A confirmation request can be submitted for either a U.S. citizen, or an non-resident alien. A W-9 form is also known as the Request for Taxpayer Identification Number and the Certification form.
What’s the purpose of Form W-9? for?
The information gathered on a W-9 form is most frequently used to create the Form 1099. The form 1099 contains details about the amount of income that is earned by the TIN holder which is not usually listed on the W-2. This includes, but is not limited to income paid to a person under the terms of a contract as well as certain real estate transactions; dividends paid against an investment; and various other financial transactions.
Employee or Independent Contractor?
If you’re an employee, your employer will withhold taxes on your income as well as withhold and pay Social Security and Medicare taxes, and pay unemployment tax on your earnings. If you’re an independent contractor, it isn’t. That means the employer will be responsible for Social Security and Medicare taxes. If you’re laid off, then you won’t be eligible for unemployment compensation.
Can I refuse to fill out Form W-9?
Yes. Yes. The IRS is obligated for companies to obtain an official form W-9 from every person who has paid more than $600 during the year. You could face fines if you don’t comply.
If you believe that the person who requested the form doesn’t have a legitimate reason for soliciting it, even it is possible to refuse, then refusing is an excellent idea. Contact a tax professional should you have any questions.
The Bottom Line
Forms W-9 are used for independent contractors, sometimes referred to as freelancers. It is important to complete the form in a timely manner, but only if it is the correct form for submission and the request has been granted. W9 Tax Form Printable