Printable W-9 Form 2020
You can download, print and fill out it
Hiring an individual contractor for performing a certain kind of a task the charge of which exceeds $600, you are obliged to report about it to the IRS through a W-9 form 2020 voluntary. Every freelance is to fill out this editable IRS legal instrument, to provide their data, the ID or TIN, as well as several other details. Once the document is completed, you are to preserve it, use the information towards preparing the 1099-MISC paper, and submit to the Internal Revenue Service at the end of the current tax year.
Where You Can Get a W-9 form
If you are a freelancer (teen as well), the business or association which hired you is to provide you with a latest free fillable legal instrument to fulfill. On the other hand, if you are the business side and are obliged to issue it to your contractor, just download blank to print from the official website of the IRS. Additionally, in these modern times of technologies, it’s recommended to give your preference for electronic W-9 submission. The W-9 can be signed online, as well. This file can be sent to the freelancer’s email address.
How to Complete It
Filing the legal instrument is quite a straightforward task that requires neither much time nor special skills. All that you need is the utmost attention and accuracy. Here is a detailed list of the data you need to provide:
- name and surname;
- the name and type of your business;
- exceptions (if you have any);
- address you use for the tax return (either your home or business);
- the name and address of the requester (optional);
- the TIN of the business (either the EIN or the SSN);
- signature on the PDF document.
W-9 Form 2020 Printable for LLC
The paper is mandatorily used for various current reporting objects involving mortgage interest income, debt cancellation, the income of self-employment, etc. All the data a person states in the fillable form is later used to complete 1099. Regardless of the business type, its size or income, a company is obliged to complete W-9 form 2020 printable since another company it is doing business with, can’t but require the filled out form. All this is required to have the exact taxpayer identification number of every employee, as well as their EIN or TIN.
So, if you have an LLC, it requires the editable document from all the service providers and businesses you are partnering with and which involve other LLCs.
When Aren’t You Required to Fill Out W-9 ?
To find out when you aren’t obliged to complete a W-9, it’s important to understand who is obliged to fill it out.
We’ve settled it that financial institutions and companies use the paper to acquire information from their customers and report interest or dividends. Aside from that, independent contractors also use the form. Here are the points under which an independent contractor has to complete the document online, then download the ready PDF paper for free, and submit it to the IRS:
- It’s they who decides when and how the work is to be done;
- They do not get benefits from an employer such as 401 matching or health insurance;
- Their taxes are always punctually paid by themselves.
Among the examples of the most widely spread independent contractors, we can name freelancers, truck drivers, writers, consultants, actors, graphic designers, developers, accountants, and landscapers. If you are self-employed person, you need to fill out a W-9. Anyway, if you don’t find yourself on the list, then most probably you are due to filling in the paper. If you don’t, you become a subject to a significant penalty while the payor will then be obliged to withhold additional backup taxes.
Method of Electronic Signature W-9 Form
Persons requesting charge reporting can install a system of submitting legal instruments electronically, to payees and their agents. Requestor – any person or organization who is required to collect profit information. Payee – any person who is required to provide a TIN to the requester. In general, the electronic system should:
- Ensure the receipt of information sent, as well as the ability to store information about all accesses to the system implemented by the user, as a result of which the paper was sent;
- Ensure, to the extent possible, that the person accessing the system and submitting the document is the person indicated in it, investment advisor or representing broker;
- Allow the provision of information identical to the paper version of the document;
- Allow the substitute of a paper copy of electronic tax document W9 upon receipt of a request from the US Internal Revenue Service;
- Provide instructions on how to sign W-9 electronically correctly.
Which facts you should pay special attention to:
|Filling/Completion||The document with electronic signature must contain a disclaimer of liability for the provision of false information.||A statement of acceptance of this responsibility should be identical to the statement indicated in the paper format of W-9.|
|Final procedure||When submitting the form, the provision of the electronic signature of the payee specified in W-9.||The signature must certify and confirm the provision of the form.|
For legal instruments that do not claim a signature, the online system should not include an electronic signature or a statement of acceptance of responsibility for providing false information.
By itself, it is a standard tax document assigned by the government. There is no difference between electronic or paper version of this paper. There doesn’t seem to be any problematic issues related to it unless you face one of the below-mentioned most recent situations:
- Give your Social Security number only when you are sure you know the company/person requesting to fill it out;
- Be cautious to send the paper secured and encrypted;
- Be aware of what tax documents your employer will supply you with;
- Pay attention whether you are given a W9 or W4 model to complete (if the first one is for freelance workers, the latter is for employees).
W-9 forms to print also include a section where you need to state whether you are subject to backup withholding or not. It is worth roughly twenty-eight percentage on all payments given to you and depends on some conditions. These involve a disagreement between the IRS records and the SSN or your name mentioned and having significant debts of taxes. Unless they are reimbursed, you won’t be able to escape backup withholding.