IRS - Form W-9

The IRS (Internal Revenue Service) is considered the American revenue service. It handles taxation and revenue codification. The IRS has several forms for individual people and organizations to fill and file. One such forum is IRS form W-9. In general, this form is widely used. The purpose of W-9 is to help a business prepare form 1099-NEC for a contractor, freelancer, or worker. It also allows such clients to report payments to contractors yearly.

Entities that Require W-9 Form

Any business or company that pays an individual can ask them to fill out W-9. However, such entities are not obligated to report the form to the IRS. Instead, they may need the document for generating returns and calculating federal withholding tax.

Entities that Require W-9 Fillable Form

If you work as a freelancer, contractor, or regular worker, you must complete tax form W-9. Apart from providing information to your employer, you will need to fill out a W-9 form IRS when paying money to an IRA account. Likewise, you may need to complete a W-9 form PDF after paying interest from a mortgage. Within this document, you are required to provide your TIN (taxpayer identification). The TIN you provide is the same as your EIN (employer identification number) if you own a business. Note that your TIN and SSN (social security number) are the same.

Fill & Sign IRS Form W-9

When and How to Get a W-9

The best time for a freelancer or contractor to request for W-9 form 2022 is before they begin working for a client. Once a contract starts, it might be complicated to fill out and file this document. The good part is a contractor can get downloadable W-9 forms from the IRS website. The form a person gets on the internet is a W-9 printable form. Similarly, a client or employer should automatically provide this document to their worker. A worker or contractor who does not fill out the document may need a backup withholding.

How to Fill Out W-9 Form for Individual

To get started, an individual needs printable W-9 forms 2021. A person can download and print these documents. In addition, the documents are valid from 2018 to 2022. Therefore, a worker can use the physical blank W-9 form 2021. Or, they can use a fillable W-9 form 2021.

Form W-9 Instructions

From the instructions for W-9, you can go ahead to use a 2021 W-9 form. The document is made of two parts – Part I and Part II.

You will need to provide your name first. At this point, you are required to provide your complete legal name as it appears on a government-issued ID. In addition, the name you provide must tally with that on your social security number. Any discrepancy can complicate the process.

Next, you will need to select the individual/sole proprietor as your tax classification. As an individual, you do not need to worry about the exemption section of the form W-9 2021. Below is other information you will need to provide.

  • Address and state.
  • ZIP Code.
  • Brokerage or bank account number.

You will also need to certify the document by signing and writing the date.

How to Fill Out a W-9 for a Business

Knowing how to fill out form W-9 for a business is reasonably straightforward. The process is identical to an individual except for a few differences. Therefore, you will need to provide the name of your business. You will also need to select the federal tax classification corresponding to your business. Instead of a TIN, you are going to provide an EIN. You can also fill out the exception section if it applies to you.

Fill & Sign IRS Form W-9

Please check other IRS forms: