Que Es La W 9 Form

Que Es La W 9 FormA W9 form is a method for you to provide an individual or financial institution with taxpayer Identification (TIN) (TIN). This permits them to report information, including income received, IRA contributions, and your capital gains and capital gains earnings to IRS. In the majority of cases this TIN will be that of your Social Security Number. But it could as well be an Individual Taxpayer Number (ITIN).

 C mo Funciona W 9  Que Es La W 9 Form

Do I Need To Complete A Que Es La W 9 Form ?

Supposing that you are asked to by an individual or a financial institution that has related information to report to the IRS, you will need to fill out this tax form. You may be asked to fill in a W9 form by a financial institution based in the US or by a foreign institution.

FACTA requires foreign institutions to report specific types of information about US clients to the IRS. This may be necessary in case that you work for a foreign institution or if you have an account with a foreign bank.

Who Can Request A W9 Form?

A firm in the US that is paying to you can request that you complete a Que Es La W 9 Form. This could be your employer, your real estate broker, or another individual or institution that has a financial relationship with you.

Que Es La W 9 Form can also be requested by financial institutions both in and outside the US. This form is specifically designed for US persons. The form for individuals that are not US individuals is W8-BEN, while the form for entities is W8-BEN-E. In case you have been asked to finalize the wrong form, you should request the correct one. You should validate that you meet withholding thresholds supposing that you have been asked to carry out a W9 form by a foreign financial institution.

What Happens If I Do Not Complete Que Es La W 9 Form?

In case you are asked to finalize a Que Es La W 9 Form and fail to do so, you can be subject to backup withholding. Business enterprises and financial institutions in the United States are holding agents. That is why it’s important to perform, sign, and return your form in a timely manner. Supposing that you do not return a form to a foreign financial institution, they could choose to close your account.

After you have given the completed W9 form to the entity or individual that requested it, you will be given a copy of the form that they sent to the IRS. This can be Form 1098 or 1099.Que Es La W 9 Form