What Is a W-9 Form? – Covering the Basics
Starting a new job always implies filling out lots of papers, that’s a fact. However, when you’re a freelancer, income taxes are reported in a slightly different manner, meaning that now it’s your sole duty. As a self-employed individual, you will have to independently stay informed about the tax regulations, comply with the IRS deadlines, keep your financial obligations on track, and, therefore, report your income perfectly on time.
In addition to this, business entities that order your services have to report that income, as well. That’s where the simple and straightforward single-page W-9 form comes into play. The purpose of form W-9 is very clear: it serves to provide your US tax ID (also referred to as Taxpayer Identification Number) to an individual, a bank, or any other financial entity, granting them the possibility to report specific details about you, e.g., money you’ve earned from them, certain real estate payment data, interest, and the like.
What Is the Purpose of Form W-9? – Laying It All Out
Form W-9 is used for providing certain entities (not the Internal Revenue Service) with the data they require. Typically, you send the form to these institutions so that they can reply with Form 1099, which you will then send to the IRS if a company paid you over $600 within a year.
Because you’re not submitting the W-9 form to the IRS, always be cautious as to the recipient that’s going to access your sensitive data. Below, you will find out what else you need to watch out for when sorting out the form. Don’t forget that here you can download form W9 for free, as well as access a multitude of other fillable PDF blank files to print or fill out online.
When Are You Required to Complete Form W9?
You might have to complete this form if:
You’re self-employed and intend to receive over $600 from one individual or company within the current tax year.
Someone you owe money decides to forgive your debt. In this case, you have to send them form W-9 to get the procedure going.
You register with a new bank, and they need you to provide the W-9 form.
You deposit money into a bank account or invest in another financial entity, and they require you to provide the W-9 form.
Avoid Sending Someone a W-9 if:
they’re not a customer;
they’re not from your bank;
they’re not from any entity your financial affairs are related to.
The thing is, sending your personal data (such as your Social Security Number) to someone unknown and, therefore, unreliable is risky. Scammers may send you W-9s to trick you into revealing your SSN. Therefore, if you’re on the fence about whether you should fill out a W-9 someone has sent you or not, ask them which tax forms they intend to return to you once you complete it. Do they refuse to give you that information? Discuss it with a tax specialist first. Better safe than sorry.
What if Your Boss Sends You a W-9?
It’s vital to note that your boss shouldn’t make you complete this document, either. The proper doc to send to your boss is W-4. If you’re starting an office nine-to-five job and your boss wants you to provide a W-9 in lieu of a W-4, that might mean they’re officially treating you as a freelancer rather than a full-time worker. Make sure you’re aware of that when starting a new job.
How Should I Submit Form W-9?
Submitting the form is a cakewalk. Just send the completed file to the individual or business/financial entity that requests it. In the majority of cases, they will save the filled out form in their records until they need it during their annual tax record processing.
IRS Form W-9 Resources
Download W 9 form blank
Instructions for the Requester of Form W-9
How to fill out W9
How to get a W-9 form
How to sign W-9
What is the 1099-MISC Form?
All 1099 form series provide the IRS all the necessary information about the taxpayer. Specifically, the 1099-MISC form is about earning details of all the funds you pay for work.
What I need 1099-MISC Form for?
You need to fill the 1099-MISC Form in the following cases:
To provide IRS the information about your business incomes and losses;
Note that these incomes and losses are related to your business course only (not individual expenses).
Moreover, the form is often considered as the supporting document for other forms.
Filling out 1099-MISC Form
The form has three copies: A, B, and C. The first one appears in red and is provided for informational purposes only. You do not need to print or download it. Copy B and others appear in black and is the one you’ll have to print and fill in. Below, there is more detailed information about the form:
Copy A: for Internal Revenue Center and State Tax Department (contains general personal information);
Copy B: for Recipient (the same fields as in the previous section);
Copy C: for Payer (the same fields as in the previous section).
Organizations that work with 1099-MISC Form
IRS;
State Tax Department.
Related Form 1099-MISC Tax Documents
Fillable W-2
Fillable W-9
Fillable 1099 int
Fillable 1040 es
IRS Form 1099-MISC Resources
Download 1099 form blank
Instructions for the Requester of Form 1099-misc
How to fill out 1099 misc
How to calculate taxes
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What is form 1095-A?
Form 1095-A is the form for declaring the cost of health insurance and federal subsidy you receive. This subsidy or Premium Tax Credit (PTC) is necessary to make the cost of healthcare cheaper.
What I need form 1095-A for?
To provide the government with information about federal subsidy and health insurance;
If you bought a plan on the health marketplace, the healthcare coverage would be cheaper for you;
Note that PTC is paid by the government in advance each month, therefore be sure to fill the form on time.
Filling out form 1095-A
The form has three sections:
In the first section, you need to provide your personal information, such as Marketplace identifier, name, the name of your spouse, address, policy start date, and so on;
The second section is dedicated to covered individuals. Write down the covered individual’s name, their SSN, date of birth, coverage start and termination dates;
In the third part, there’s more information on coverage. Here you need to fill the following information for each month: enrollment premium, second lowest-cost silver plan premium or the advance payment of premium tax credit.
Organizations that work with form 1095-A
Health insurance providers.
Related Form 1095-A Tax Documents
Fillable 1095-B
Fillable 941
Fillable 1040
Fillable 1040 schedule c
IRS Form 1095-A Resources
Download 1095-A form blank
Instructions for the Requester of Form 1095-A
How to get Form 1095-A
How to fill out Form 1095-A
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What is form IRS 1099 INT?
IRS 1099 INT is the form that needs to be filled by banks or other financial institutions to report interest income as well as the penalties on the investments.
What I need IRS 1099 INT for?
You need to fill this form if your account has the interest more than $10 that you should pay during the financial year;
The interests include: certificate of deposits, treasury bonds, interest-yielding accounts, saving accounts, and money market accounts;
If you submit the form, you will not be required to pay any taxes on the interest, but you will need to mention it in your return.
Filling out IRS 1099 INT
The form consists of three copies:
Copy A intended for Internal Revenue Service Center;
Copy B is for Recipient;
Copy C is for Payer.
On the left of the document, you need to specify the personal information: payer’s and recipient’s names, payer’s and recipient’s tins, home addresses, and account numbers. On the right side, fill the income interest, penalties, taxes, the information about obligations and expenses. Be very attentive while filling the form, pay special attention to the organization the form will be addressed to.
Organizations that work with IRS 1099 INT
Banks;
Financial institutions.
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IRS Form 1099 INT Resources
https://www.irs.gov/pub/irs-pdf/f1099int.pdf
https://www.irs.gov/forms-pubs/about-form-1099-int
What is a W-2 form?
The W-2 form (also known as Wage and Tax Statement) is used to provide the correct sum paid to the employee and the taxes paid on their incomes per year. Although the W-2 form is completed only by the employer, it is sent out to employees to inform them about the taxes and spendings.
What I need the W-2 for?
Wage and Tax Statement form must be obligatorily completed by every employer. If form W-2 is completed by the employer, other forms are not accompanied. But when an employee receives a W-2 form for considering the tax return must be attached to the copy of the form. Form W-2 (Wage and Tax Statement) must be sent to the employee, Internal Revenue Service, and State Government.
Filling out the W-2
To complete the form, you have to provide the following information:
Employee’s SSN;
Employer’s EIN, name, address, and zip code;
Company’s name, street address, and contact information;
Employee’s full name, contact information;
Information about wages and tips,
Taxes information.
Organizations that work with W-2
Internal Revenue Service;
Employee;
State Government.
Related W-2 Tax Documents
Fillable W-9
Fillable 1099 misc
Fillable 8962
Fillable 1040
IRS Form W-2 Resources
Download W 2 form blank
Instructions for the Requester of Form W-2
How to fill out W2
How to sign W-2
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The W-4 form, formally known as Employee's Withholding Allowance Certificate, is an IRS document you fill out in order to inform your new employer of the amount of money to withhold from your pay for federal income taxes.
What You Need IRS Form W-4 For
The W-4 form is crucial for businesses with employees because the document assists them in taking the right amount of taxes from their employers’ paycheck. The form must be submitted on a yearly basis, or whenever your current personal/financial state of affairs changes significantly.
Here’s why completing the IRS Form W-4 regularly and accurately is crucial:
The IRS demands us to pay taxes on our income in a gradual manner during the year; if you don’t withhold enough tax, the amount of money you could owe to the IRS in April may be way too hefty;
On the other hand, completing the IRS Form W-4 in a correct way will save you from overpaying your taxes and i.e. prevent excessive tightening of your monthly budget.
How to Fill out IRS Form W-4
Make sure you take your time and complete the form with maximum concentration in mind. The W4 form is relatively simple to complete without any assistance. In case you feel you need help, you can always ask your bookkeeper to do that with you.
Follow these guidelines that will lead you through the procedure:
Provide your name and contact details;
Specify your Social Security Number;
Indicate your marital status;
Specify recent name changes (if there were any);
Answer a few questions to fill out the Allowances section.
Organizations That Work with IRS Form W-4
Internal Revenue Service (IRS)
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What is Form W-7?
The Form W-7 is needed if a person wants to apply for an individual tax ID or ITIN. The form can also be used by non-residents who are not allowed to have a Social Security number but are required to complete a federal tax return with the IRS in order to receive income from US sources.
What I need the Form W-7 for?
Form W-7 or Application for Individual IRS Tax Identification Number is a form of the application that is required for individuals who need a tax identification number. The form works for both residents and non-residents of the US. To apply for an individual tax ID, the applicant must provide documents that prove their identity.
Filling out Form W-7
Form W-7 requests the following information:
The reason why the applicant submits the form;
Name, mailing address and, if different, foreign address of the applicant;
Applicant's date of birth and place of birth;
The country of permanent residence;
Applicant's foreign tax identification number;
US Applicant Visa Number (if applicable);
Information about the documents submitted to verify the identity of the applicant.
Organizations that work with Form W-7
IRS
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What is 1099-MISC form?
The 1099-MISC form is one of the types of forms that were created for US citizens to report about the incomes and expenses. It is necessary to define the level of taxes the individuals have to pay.
What I need 1099-MISC form for?
You need to fill the 1099-MISC form in two cases:
If you make payments to freelancers or independent contractors, spending no less than $600 within one year;
If you pay no less than $10 in royalties or broker payments instead of dividends or tax-exempt interest.
You do not need to submit the form if you made the payments that do not relate to business purposes.
Filling out 1099-MISC form
As the 1099-MISC form has to be received by a number of different institutions (IRS, the recipient of income, state tax department, and so on), there are several copies. On the right side of each copy, you will see a note stating where you need to send this document, so be very attentive!
In general, each copy contains the field related to personal information, such as the company’s name, address, recipient’s name, and so on. Besides this, you need to calculate and fill the number of rents, royalties, nonemployee compensations, and other expenses.
Organizations that work with 1099-MISC form
Businesses that make more than $600 payments to independent contractors or freelancers within a year;
Businesses that pay more than $10 in royalties or broker payments (instead of dividends or tax-exempt interest).
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1. What is a 4852 Form?
Federal tax Form 4852 is an official document by the IRS (Internal Revenue Service) that is used for replacing forms W-2, W-2c, and 1099-R when employers or payers (business entities or else) don’t provide you with a W-2 or 1099-R or provide you with an incorrect version of the form. The form lets you report the information from both forms. It also has to be submitted along with forms 1040, 1040-SR, or 1040-X, depending on your case.
2. What I need the 4852 Form for?
You need to file the fillable Form 4852:
To provide the IRS with all the required information from your W-2 and/or 1099-R;
If your employer or payer doesn’t send you an original or corrected W-2, W-2c, or 1099-R;
If you are a representative of a person who cannot receive these forms from his or her payer/employer.
Don’t file this form:
Until you make certain attempts to receive your W-2, W-2c, and 1099-R from the payer or employer;
If you finally receive them by the end of February.
3. How to fill out Form 4852?
Enter your name, address, and SSN (Social Security Number) as on your return;
Provide employer’s or payer’s name, address, ZIP, and TIN (if you know it);
Fill lines a-i for your missing W-2 form if needed;
Fill lines a-j for the 1099-R form if you are missing it;
Explain how do you figure out the amounts for both forms;
Shortly describe what did you do to receive your W-2 and 1099-R (you must do something for that).
You can download Form 4852 PDF from the IRS website or directly from the PDFLiner’s library for free and without the need to search. There’s also an option to fill it online and print it after completion. You can also choose to fill the blank that the IRS sends you when the necessity is approved.
4. Organizations that work with Form 4852
Internal Revenue Service (IRS)