Fill Tax Form W9 2020 online
Filling W-9 form in 2020 and send to IRS. Right here, you’re going to get decent assistance to download, fill and print the IRS task documentation for yourself or your business. What is W-9 blank used for and what is its main purpose. Create tax document by yourself in under 10 minutes.
The primary purpose of the W 9 form 2020 printable is to provide an employer with such crucial information about the individual contractor as name, address, and TIN. They need these data to issue the editable IRS 1099-MISC at the end of every January, i.e. at the end of the tax year. The latter registers all non-employee compensations, as well as other income types received during the year.
There are also other reasons why IRS may request filling out the document from US citizens. These include:
- transactions for real estate;
- acquiring or abandoning secured properties;
- payments of mortgage interest;
- debt cancellation;
- contributions to Individual Retirement Account.
IRS W-9 form step-by-step instructions
Now let’s take a closer look on the blank itself so that you know how to complete the document correctly. The first step is to get it. As it was mentioned earlier, you can find the latest W-9 form 2020 fillable on the IRS website. Though, in most cases you’ll get the blank from the requester. Note that some states may have form substitutes like the one in NY city. They’ll look a bit different comparing to the conventional document. At the same time they collect the same data and have all the essential fields.
Independent contractor tax form W-9 2020 has four sections:
- Personal information;
- Taxpayer Identification Number:
- General Instructions.
The first three parts have fields to complete, while the third one provides a vendor, or any other person who fills the blank, with the essential info about every line.
How to compete the IRS W-9 form correctly?
When you have a new empty blank, it’s time to enter all the data required. The first line is name. Enter the one from your income tax return. The next field is business name. You have to fill this field if it’s different from the previous “Name” line. The third step is to choose entity type according to the government federal tax classification. Check the appropriate box. If there are no suitable options, choose “other” and enter the appropriate type in the empty field on the right.
The fourth point of the questionnaire asks you whether you’re subject to backup withholding and FATCA reporting. You can find full definition of each term in the Instructions part. Enter the appropriate codes (if any). The fifth and the sixth lines ask you to give your full address. The seventh field for accounts’ numbers is optional. There is also a special box on the right to write the requester’s name and address, but it’s optional too.
There are only two steps left now. First, input correct TIN in the appropriate boxes of section two. It’s Social Security Number for individuals and Employer Identification Number for companies. The last step is to put a signature and date in Certifications part. By doing this you state the TIN is correct, you’ve entered proper exemption and FATCA codes (if any) / you’re not subject to backup withholding or FATCA reporting, you’re US person.
Aspects to Pay Special Attention To
Before you download and complete it online, there are certain aspects to be cautious with. Surely, the free fillable W9 form is a commonly met and widely used document, yet it doesn’t mean you needn’t be warned with the following things:
- To ensure a secure delivery of your document, you’d better select regular mail or hand delivery. Just download the blank variant, fill in and print it. However, if you determine on sending it online, make sure the file is sent in an encrypted attachment.
- Make certain the business or person who requests filling out the paper can be relied on. If you have any doubts about the authenticity of that party, you’d better check them and only then supply your sensitive information (name, address, TIN). Additionally, whenever you can’t make out why the business or individual demands the document from you, ask what tax papers will be prepared on the basis of your document.
- Be aware that instructions of completing a W9 blank differ slightly depending on the status of the taxpayer. The latter can be as an individual vendor, so a partnership, sole proprietorship, S/C corporation, etc.
Forewarned is forearmed. Sticking to this theory, you need to find out everything important about W9 prior to issuing and signing it. Right here, you’re going to get decent assistance in revealing the IRS documentation for yourself.