What is the W9 form of 2020 and when you may need it

Starting this year, a new w9 tax reporting document form has become available to all US residents. If you still do not know what W9 form 2020 is, we recommend reading our article.

The W9 2020 form appeared in the process of improving the tax system USA. Such a document is intended to prevent tax evasion. Most often, W9 is required in the case of a report on interest and dividends or when you need to open an account with a bank. The status of an unknown client is updated every time after a name change, divorce and dissolution of your own company. The document is filled in electronically via the Internet.

What is required when filling out

If you still do not know what the W9 form 2020 is, then this is your own IRS income tax identification number. You will need it if the profit for the month has exceeded 600 US dollars, as well as for all real estate transactions. Just enter the name of your company, and then indicate the specific type of earnings. At the last stage, you must leave a signature, as well as a zip code.

When you may need to fill out W9 USA

Each time you receive an email notification, you must complete W9 form for tax reporting. Next, just print the file out online to send to the tax. The system itself will help you fill out the form, and will also make a choice in accordance with the established criteria. You will need such a document:

  • If your income exceeds $ 600;
  • Need to pay a loan at the bank;
  • You are the owner of your own company;
  • You work in a company by the system IRS;
  • For all real estate transactions.

Verification of documents takes only a few days, and verify W9 information can be on the website of the tax company. If you change your own address or alter your personal account, in this case, you must send the W-9 again.