Questions that are most often asked about the W-9 form

Question № 1: How often should I update the personal data specified in the document?

Strictly set deadlines do not exist. As soon as the wage-worker changes:

  • Name;
  • The official name of the company;
  • Actual or legal addresses;
  • Social Security number;
  • Employer’s identification number.

He must fill out a new blank and send it to the employer with a view to its is subsequent sending to the IRS.

Question № 2: What to do if there was any doubt about the source of the W-9 paper?

All organizations which will pay the employee money are required to report to the tax service, and therefore must require the correct filling of this document. However, if you as an employee encounter an organization and you have doubts about its integrity, you should consult a private tax agent. Do not provide personal information without consulting with specialists. Otherwise, you risk becoming an object of fraud.

Question № 3: For what purpose is it necessary to write in this document and where will the personal data indicated in it be sent to?

Personal information about the employee getting using the W-9 form is most often used to create the main version of the tax form 1099. This blank includes reliable data on all types of income that were obtained by the TIN holder. By income means money that was received:

  • In the framework of edit contracts;
  • As a result of legal transactions with real estate;
  • Mortgage interest which is paid by individuals;
  • Regularly received dividends (from investments and other financial transactions).

Please note that the print out blank will be issued for completion only after the minimum threshold of $ 600 has been reached in the last 12 months.

Question № 4: Having received the W-9 form with the aim of filling, can I ignore and not fill out the document?

The introduction of data and legal participation in the 2019 taxation system is a priority first of all for the worker himself. The official level of relations with the employer will help to defend their interests if there are problems with the calculation of wages. If the employee ignores the completion of this document, the employer has the right to terminate the relationship with him.

Question № 5: a colleague received the W-9 form for entering personal data, but I’m not, what’s the reason?

This means that your colleague has reached a minimum threshold of $ 600 a year, and you have not. Once your total income for 12 months exceeds $ 600, you will also be offered paper to fill.

Which parts includes the W-9 form