What is a Form W-9?
A Form W-9 (sometimes miswritten as a Form W9) is a document issued by the United States Internal Revenue Service (IRS) for certain taxation purposes. While W-9’s aren’t filed with the IRS, they should be collected by clients or companies that hire independent contractors, or freelancers. W-9’s are also used for earnings received by financial institutions. Employees are not required to fill out a W-9. A W-9 is used to gather information about the independent contractor. The form requires information as to the freelancer’s name, address, and social security or tax payer identification number. A substitute Form W-9 may be developed if it is substantially similar to the actual Form W-9. Check the IRS’s instructions for the Form W-9 for more details on this. The client or company will use the information collected on the W-9, or substitute W-9, to produce a Form 1099 which details the earnings that the independent contractor received from that client that tax year. The Form 1099 is sent to
