Purpose of tax form W-9?

Whether you get a 1099-Misc or not, 100% of the money is taxable.

There is no magic $400 or $600 threshhold.

It can be confusing reading the tax publication. But lets c if i can put it in simpler terms. In my experience, if u are a independent contractor with any company, u will be ask to fill out a w-9. When a company askes u to fill out a w-9, it is only for them to know who they had paid and to report it on their tax return(the company). Now u on the other hand will get paid by the company, but no taxes will be withheld. At the end of the year, u will be issued a 1099Misc. (Earnings paid to employee) Now when u file ur taxes at the end of the year, a schedule c will have to be file with ur 1040. That means u are in charge of paying on the taxes on the earning ur recieve from the company. TIP- any expenses u accumulate during the time u work for that company, keep all reciepts to use for tax reasons. At other jobs, u will be told to fill out a w-4, on w4, these forms tell the employer how much tax to withheld from an employee. At the end of the year u will get a W-2. (summary of the taxes held and earnings earned.)

All payers of any amount more than (some cases $50) should provide to the IRS to whom the payment was made.

Form w9 will be kept with the payers so they cover their books to proof that the amount has been paid to someone else, and the payers could deduct the amount from their income.

Since you are unemployed now, this will not excuse you from filing your tax return with all other income.

On the other hand, any person receive payment (where he/she fill form w9) must include the amount on their income tax return. Basically, the amount you will get due to the fact you provided form w9 must be included on your income tax return as INCOME.

Fill the necessary sheet of line 21 (other income)

The W-9 is to give them the info they need to properly fill out a 1099, and give the info to the IRS.

Yes the money they pay you will be taxable income to you. But unless you're getting some ridiculous sum for it, isn't likely to be a whole lot of tax.

The W-9 is essentially a formal request for your social security number. It probably means that KDOT is going to issue a tax doc to you that reflects their payment, and report the payment to the IRS. If you receive a tax form such as a 1099-MISC, you will have to report the income.

Purpose Of A W9

Yes you will have to claim the money as other income on your return. I am floored the state is paying you anything as they are not required too since you own nothing and the value of your lease cannot be worth much.

it is miscellaneous income. The W-9 is a tax form you will need to file. Since you are unemployed and if it isn't over $400.00 you do not have to file. But you are your husband's dependent...

It is kind of like a W4 for nonemployees.

I am waiting on more replies before I share my opinion