IRS W-9 Form

Form W-9 2019: Top Popular Questions

This template requires that a taxpayer provide needed tax-related information to his/her employer. The employer uses IRS W9 2019 to record tax identification numbers of all workers and to have data regarding any withholdings regarding their salary.

What is a Taxpayer Identification Number?

This unique number is used to identify a taxpayer in the United States. It is required to review the tax payment history of an individual. It can be used by employers, clients or the IRS to process tax-related information.

How Much Time do I Need to Complete the Template?

The blank is quite short and doesn’t take a long time to complete. If you gather the necessary documents before you begin filling out the template, it shouldn’t take more than 10 minutes to finish.

What is a Backup Withholding?

This is a tax paid by a person regarding transactions he or she reports in a W9 tax form. The current rating is equal to twenty-four percent. However, there are some instances when the percentage may be higher:

  1. You gave a wrong TIN to your employer;
  2. When you get a notification from the IRS that your TIN was incorrect;
  3. The taxpayer failed to certify that he or she is not obliged to a backup withholding in accordance with interest or dividends.

How do I Identify my Exemptions?

In most cases, the exemptions section is left blank by those who fill out the w-9 form PDF. But there are some cases where you will need to provide an exempt payee code:

  1. Corporations are exempt only for some items, like interest or dividends;
  2. Financial institutions and trusts that belong to the category;
  3. Institutions or agencies of a foreign government;
  4. Real estate investment trusts also belong to this exception.

Detailed instructions for exempt institutions and their codes are attached to the explanatory pages.

Where do I File the W-9 Form?

The fillable blank is prepared by an employee to his/her company or by an independent contractor to the companies or individuals he/she provides services to. The information it contains is needed to complete the sample and report business payments.

When is the Deadline?

There isn’t an all-encompassing deadline for a W-9 form since it’s not directly filed to the IRS. Still, the template should be provided before the 1099-MICS is due.