W9 Form Example – A W9 form is a method for you to give a person or an institution that you are a member of with your Taxpayer Identification Number (TIN). This permits you to submit information such as income earned, IRA contributions, and your capital gains with the IRS. In most cases the case, you TIN would be that of your Social Security Number. However it could as well be an Individual Taxpayer Number (ITIN).
Do I Need To Complete A W9 Form Example ?
You will need to submit this tax form in case that you are asked to by an individual or a financial institution that has applicable information to report to the IRS. You may be asked to fill out a W9 form by a financial institution based in the US or by a foreign institution.
FACTA requests foreign institutions to report particular types of information about US clients to the IRS. This may be necessary supposing that you work for a foreign institution or in case that you have an account with a foreign bank.
Who Can Request A W9 Form?
An organization in the US that is making payments to you can request that you perform a W9 Form Example. This may be your employer, your real estate broker, or another individual or institution that has a financial relationship with you.
W9 Form Example 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 persons is W8-BEN, while the form for entities is W8-BEN-E. In case you have been asked to complete the wrong form, you should request the correct one. In the case that you have been asked to carry out a W9 form by a foreign financial institution, you should check that you meet withholding thresholds.
What Happens In case that I Do Not Complete W9 Form Example?
You could be subject to backup withholding in case you are asked to perform a W9 Form Example and fail to do so. Services and financial institutions in the United States are holding agents. That is why it’s important to carry out, 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 provided 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 perhaps Form 1098 or 1099.W9 Form Example