W-9 Download Form – A W9 form is a means for you to give an individual or an institution that you are a member of with your Taxpayer Identification (TIN) (TIN). This permits them to report data, including income received, IRA contributions, and your capital gains income in the IRS. Most of the time it is likely that your TIN could be your Social Security Number. But it could even be an Individual Taxpayer Identity Number (ITIN).
Do I Need To Complete A W-9 Download Form ?
In the case 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 out a W9 form by a financial institution based in the US or by a foreign institution.
FACTA requires foreign institutions to report some types of information about US clients to the IRS. This may be necessary whenever you work for a foreign institution or in case that you have an account with a foreign bank.
Who Can Request A W9 Form?
A business in the US that is making payments to you can request that you finalize a W-9 Download Form. This might be your employer, your real estate broker, or another individual or institution that has a financial relationship with you.
W-9 Download Form can also be requested by financial institutions both in and outside the US. This form is specifically designed for US individuals. The form for individuals that are not US persons is W8-BEN, while the form for entities is W8-BEN-E. In the case that you have been asked to perform the wrong form, you should request the appropriate one. You should validate that you meet withholding thresholds supposing that you have been asked to perform a W9 form by a foreign financial institution.
What Happens In case I Do Not Complete W-9 Download Form?
Whenever you are asked to finalize a W-9 Download Form and fail to do so, you can be subject to backup withholding. Businesses and financial institutions in the United States are holding agents. That is why it’s important to finalize, sign, and return your form in a timely manner. They could choose to close your account whenever you do not return a form to a foreign financial institution.
After you have delivered the finalized 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 could be Form 1098 or 1099.W-9 Download Form