In this article, you’ll learn about the W9 Form 2024: What is a W-9 Tax Form? Who Can Complete It and How? The W-9 form is an Internal Revenue Service document commonly used by businesses to gather information from non-employees, such as freelancers or contractors, who earn over $600 from the company.
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W9 Form 2024
This form, officially provided by the IRS, verifies the entity’s name, tax identification number, and address for receiving income. To learn more about the W9 Form 2024—what it is, who needs to file it, and other essential details—continue reading this article.
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The W9 Form is used to provide the correct taxpayer identification number to the person or entity required to file an information return with the IRS. It requires individuals to report income received, real estate transactions, cancellation of debt, paid mortgage interest, IRA contributions, and certain securities transactions.
The IRS commonly uses this form to gather necessary information from individuals or companies making payments to other individuals or companies. It is frequently used when an individual works as an independent contractor or freelancer for a business.
What is a W9 Tax Form?
The W9 Form is an IRS tax form used to verify an individual’s name, address, and taxpayer Identification Number (TIN). It serves as a formal request for this information to confirm the taxpayer’s identity. Employers use this form to obtain the correct TIN and report the individual’s earnings or losses, which impact federal tax calculations.
The W9 Form is used to provide an entity with the taxpayer’s identification number for income reporting purposes. It helps ensure that payments, such as interest, dividends, rent, royalties, and non-employee compensation, are accurately reported to the IRS. Clients and employers request this form to report income and withhold the appropriate amount of tax from payments.
Who Can Fill W9 Form and How?
The W9 Form must be completed by independent contractors, freelancers, gig workers, and others who receive payments outside of an employer-employee relationship. It is typically requested in the following situations:
- When the worker is not classified as an employee.
- When the payment is part of a business transaction.
- When the yearly payment is $600 or above.
At the end of each year, businesses are required to summarize their expenses and file the W9 Form along with a 1099 NEC form with both the IRS and the contractor.
To complete the W9 Form, recipients must provide tax identification information for the individual being paid, which can include a Social Security Number or an Individual Taxpayer Identification Number (ITIN). Additionally, they must include their full name, address, tax classification, and any relevant tax exemption details.
Complete Details
The W9 Form is used to collect the taxpayer identification number (TIN) of individuals who provide work to a business throughout the year. This information is essential for completing Form 1099 at the end of the year. It is important to note that the W9 Form differs from Form W-4, which is used for traditional employee-employer relationships.
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For 2024, key updates to the W9 Form include changes to instructions and guidelines, updates to the layout or format, revised definitions, modified sections, and new regulatory or compliance requirements. Individuals can use the TINs collected via the W9 Form to assist in accurately filling out Form 1099 at year-end.