Get Form 9209 September 2005

Penalties could be anywhere from $50 to $270 for every missing form. If you are a contractor, vendor, or payee of a business then failing to fill out a W-9 form may attract IRS penalties.

Form W-9 will have your personal identifiable information and states whether you're subject to backup withholding. Unless you are subject to backup withholding, this individual or business will not withhold taxes on your behalf.

You will need to fill out a W-9 form if you: Classify yourself as an independent contractor or “freelancer.” Are not a full-time employee of the business. Will be paid more than $600 for work provided to the business.

In general, income that results from a W-9 arrangement is not subject to IRS withholding. Rather, it is the payee's responsibility to claim the income on his or her tax return, and to pay any appropriate taxes.

Yes, you will have to pay taxes if you fill out a W-9 form. However, the IRS and your employer usually won't withhold taxes from W-9 earnings. That means you'll need to plan ahead for your tax bill so you don't get surprised in April.

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How to fill out a W-9 Write the name as shown on your income tax return. Write the business name/disregarded entity name if different than above. Fill out the federal tax classification for the person whose name is entered on line 1. ... Include any exemption codes, if applicable.

Use Form W-9 to provide your correct Taxpayer Identification Number (TIN) to the person who is required to file an information return with the IRS to report, for example: Income paid to you. Real estate transactions. Mortgage interest you paid.