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Filing Form W-9

Internal Revenue Service Form W-9 is one of the few tax forms that don’t have to be filed with the IRS. The purpose of a W-9 is to collect information from taxpayers who engage in a reportable transaction and who may receive an information return in the following tax year because of it.

Form W-9 Purpose

Whenever you engage in a transaction or make a payment that’s reportable on an information return, such as 1099s and 1098s, the IRS will require you to collect a W-9 form from the taxpayer who receives the payment or is the other party to the transaction. For example, if you hire an independent contractor and pay them at least $600 during the year, you’ll need to file a 1099-MISC with the IRS. However, the independent contractor will need to provide you with a W-9 so that you’ll have sufficient information for the 1099-MISC. As the independent contractor, you need to fill out the W-9 with some personal information, most important of which is your Social Security number (SSN). But if you’re a business entity, you’ll fill out the W-9 with the business name and employer identification number, or EIN.

W-9 Filing Requirements

The information return filer is responsible for obtain W-9s, which means they must evaluate which transactions and payments warrant the filing of an information return. However, the person requesting the W-9 form doesn’t file it with the IRS; it’s for their records only and should be used when preparing an information return.

Completing W-9 Forms

Filling out a W-9 is pretty straightforward and doesn’t require a significant amount of time or information. The top portion of the W-9 will request your name or the name of your business. If preparing the W-9 for a business, you need to check the appropriate box for the type of business entity you operate, such as an LLC or corporation. As you complete Part I of the W-9, you need to ensure that you enter the correct taxpayer identification number, or TIN (i.e. SSN or EIN). Keep in mind that the TIN you provide may be verified with the IRS by the information return filer. In Part II, the final section of the W-9, you must certify that all statements on the form are true before you sign it.

28% Backup Withholding

When you receive payments that will be reported on a 1099, you’re generally not subject to income tax withholding like employees. However, amounts may be withheld if the W-9 requester is unable to verify your TIN. This precautionary measure is known as backup withholding and can reduce your gross payments by 28 percent.

IRS TIN Matching

The IRS uses TIN matching to allow information return filers to verify that the SSN or EIN number on W-9 forms are accurate. TIN matching is only available if the W-9 is being requested for certain information returns, which include the 1099-B, DIV, INT, K, MISC, OID or PATR. As the filer, regularly conducting TIN matching can prevent you from paying IRS penalties, such as when you have an obligation to withhold tax but fail to do so.

IRS Reference: Form W-9