If a company hired a freelancer or a private contractor, the IRS requires them to include the Taxpayer Identification Number of the freelancer on their 1099 Form. Although this only applies if the company paid more than $600 throughout the year, any given time a company requests the document from a freelancer, the contractor is obligated to submit the form.
Since this is another form that is controlled by the IRS, it can be obtained by the agency’s website. Unlike W-4 Form which allows an employer to withhold allowances from employee’s paychecks, there is no financial value to the W-9 Form.
W-9 Request for Taxpayer Identification Number
The W-9 Form consists of a series of questions made up of name, address, and tax classification of the freelancer. On Part 1 of the form, as seen below, Social Security Number or the Employer Identification Number, also known as TIN must be entered.
Not filing this form upon the payor’s request will result in penalties. For each time the contractor doesn’t submit the W-9, a $50 penalty will be subjected. Also, since this prevents the payor from preparing their 1099 Form properly, the payor will be able to withhold 28% of the freelancer’s earnings and forward it to the IRS.
So the importance of the W-9 Form goes beyond what most might think.
How to get printable W-9 Form 2020?
As with any other IRS document, you can get the form in PDF file from the IRS website. By clicking the link down below, you can get the form in PDF. The form can be viewed without the need for a PDF opener. Once you open the form on a new tab, press CTRL+P or click the printer button at the top right corner to print off.