What W9 Form Used For

What W9 Form Used ForA W9 form is a means for you to provide a person or the financial institution you work with with your Taxpayer Identification (TIN) (TIN). This allows them to report data, like your income, IRA contributions, and your capital gains earnings and capital gains earnings to IRS. Most of the time, your TIN can be known as you Social Security Number. It could as well be an Individual Taxpayer Number (ITIN).

IRS Form W 9 ZipBooks What W9 Form Used For

Do I Need To Complete A What W9 Form Used For ?

You will need to submit this tax form in case that you are asked to by an individual or a financial institution that has essential information to report to the IRS. You may be asked to complete a W9 form by a financial institution based in the US or by a foreign institution.

FACTA requests foreign institutions to report some types of information about US clients to the IRS. This may be necessary in case you work for a foreign institution or supposing that 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 finalize a What W9 Form Used For. This may be your employer, your real estate broker, or another individual or institution that has a financial relationship with you.

What W9 Form Used For 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 that you have been asked to finalize the wrong form, you should request the correct one. Whenever you have been asked to finalize a W9 form by a foreign financial institution, you should confirm that you meet withholding thresholds.

What Happens Whenever I Do Not Complete What W9 Form Used For?

In case that you are asked to perform a What W9 Form Used For and fail to do so, you might be subject to backup withholding. Services and financial institutions in the United States are holding agents. That is why it’s important to complete, 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 performed 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.What W9 Form Used For