How to fill out a W9 Form

How to fill out a W9 Form: What You Should Know

W-9 (Annual Return) at a U.S. job or selling a business — TurboT ax Tips 2017 When Should You Make a W-9? — TurboT ax Tips 2017 Form W-9 (Form 1099-MISC) — IRS Enter the entity's name on line 1, or name of the individual owner on lines 6 and 7. Be sure to include the individual's federal filing status as well. Line 2 is the business name. Write or type your full legal name. Part 1— Wages and Other Income Enter the wages. Part 2— Other Wages and Other Income If a U.S. person owns a foreign corporation that reports wages and other income, line 4 is typically for the corporation only, not the individual owner. To calculate gross wages, include only the total wages of the company (line 2d) or other entity (line 6). Include all wages paid to you by the foreign corporation regardless of your U.S. source wages or whether they are paid in a calendar year. Taxpayers must report income received by foreign entities on Form 1098-B, Miscellaneous Income. Do not use this form to report noncash benefits such as tax-free cash flow or tax-free interest. Form W-9 (and Form 1098-B) Are More Expensive than a 1099 There are two W-9 forms more expensive than a 1099. The Form W-9 has an estimated tax refund. The Form 1098-B has an income tax return. These two forms allow you to fill the entire W-9 form. For example, you can report the following income (including noncash benefits): wages, tips, vacation benefits or reimbursement for expenses (including business expenses) paid or incurred during the tax year to you or a dependent. Income From Foreign Sources — Turbo Tax If you have other income from sources outside the United States, you have to report these on a separate Form 1040 (and report it on your Form 1040-EZ). For example, if a U.S.-based partner makes noncash payments to a foreign partnership in the form of a dividend from the partnership, and the foreign partnership pays the dividends to a U.S. resident, that noncash payment has to be reported on your Form 1040 (and reported on your Form 1040-EZ). So does any additional income from the partnership.

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