How to fill W-9 form?
W-9 form is straightforward and formal request from the contractor to provide his verified TIN. It is a legal document that is extremely easy to fill. However, you should be very careful and avoid spelling mistakes while filling out this form. You are required to fill the following information correctly on W-9 form:
Line-1 – Name:
Fill your full name in the line-1 of the form. Make sure to write your full legal name as mentioned on your tax return documents.
Line-2 – Business or Entity Name:
In the second section, you need to fill your business name, disregarded entity name (LLC), or DBA name (if any). Please note that this information is not required from any individual contractor.
Line-3 – Federal Tax Classification:
In the line-3, you need to mention the type of federal tax classification you are subject to. Select the box that describes your correct circumstances in terms of federal income tax returns.
Line-4 – Exemptions:
As an individual, you are not required to fill this section. However, if you are filling W-9 form as a business entity, there are certain situations that might exempt you from backup withholding deductions. You should write a number or letter code to support your declaration.
Line-5 & 6 – Address:
In line-5&6, you are required to fill your complete and current address including your street and apartment number, city name, state name, and zip code.
Line-7 – Account Number:
Under this section, you are required to mention your bank account number to the payer or the business with whom you have signed the contract.
Part-I – Taxpayer Identification Number:
You are required to fill your taxpayer identification number (TIN) in this section. If you are working as an individual contractor, proprietor, or a single-member LLC you can enter your social security number (SSN) under this section.
Part-II – Certification:
This is the last section of W-9 form where you are required to sign and mention the date. It declares that all the information provided in the form is true to the best of your knowledge. You are liable to legal actions, in case of providing any false information.
However, if you filled the form as a joint account holder, the person whose TIN or SSN is mentioned in Part-I is required to sign the document.
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W-9 Form & Backup Withholdings
Backup withholding is an amount that the payer keeps while releasing the payment to an independent contractor or freelancer. It helps to ensure that the tax is regularly paid. Backup withholdings are deducted from the payee’s earnings in case of missing or incorrect taxpayer ID. IRS uses backup withholding method to ensure that the due amount of tax is paid on time.
The company requests W-9 form to keep a record of the name and TIN of the contractor before assigning any work to him. If the contractor fails to provide the requested details, he is liable to pay backup withholdings from his earnings. In simple words, providing a W-9 form eliminates the need of backup withholdings or tax deductions from the earned amount.
The payer has the right to deduct 24% amount of your total earning as backup withholdings in the following situations:
- Missing or incorrect TIN.
- Failure to certify that you are not subject to backup withholding deductions.
- The payer receives a notice from the IRS to withhold your taxes.
