Form W9 Printable: Most Common Mistakes and How to Avoid Them

Filling out your w9 form can be quite a challenging task for those who are doing it for the first time.

If you were requested to file the template, you may wonder whether you actually need to complete it or not. Since this paper is widely used, chances you will be required to fill it out at least a few times a pretty high.

Note, that your blank should be up-to-date. For example, your bank may ask for a new copy if a new version of the document has been released after you opened your account.

When submitting the sample electronically, also keep in mind the various security features you can use. For example, you can lock the PDF blank with a password.

Possible Completing Pitfalls

If the independent contractor or freelancer gets the fillable and printable w9 sample, it's important to be very careful to avoid the general mistakes.

Let's take a look at the most common of them:

1. The first and the most frequent mistake is mixing up the person's name and company name. Remember, the first line is for the personal name and the second one is for the entity name mentioned in the official papers.
2. Also, some individuals don't complete all fields. In fact, most of them are required except for a few exemptions. There are not many organizations and individuals, exempt from backup withholding, but some of them have the right to claim for it. Those who hesitate about this section should read the instruction that correctly identifies those who are exempt or not.
3. It is very important not to miss the social security number - or the organization filing the w9 form pdf will have to issue a 24% backup withholding rate.
4. The same high rate may be applied if you forget to add a signature.
5. Fail to provide a changed postal address to the employer may lead to further problems because the company will not be able to send you form 1099.
6. Provide the current account number. Failure to do so can lead to pitfalls with the refund and you will lose the opportunity for getting it directly.

The Problems You may Face When Filling Your W-9

Let’s have a closer look at the possible problems that may happen when a person fails to file the document on time.

They are the following:

1. The request, sent by regular mail cannot be delivered in time, because of various circumstances, that are not under the individual’s control. That is why it is better to send the request as well as a completed version by electronic mail.
2. The firm and the individual, providing services should exchange tax forms. First of all, an online W-9 form is sent to the company and then the independent contractor or vendor receives the 1099 template. Do not set aside filing the sample until the last moment. Note, the latest version was released at the end of September 2017.
3. Mistakes are easily corrected when you file the paper digitally. Those who understood that they need to make corrections after the document sent are able to correct the previous variant and re-send it as soon as possible.
4. Refusal from completing the blank. It is important to report the income, as this way you will avoid backup withholding. If you still need to have withholdings, then it will be counted according to the 28% rate. So if you want to count the end sum, it is necessary to multiply the income sum at 0.28.