PDA

View Full Version : IRS Form W-9 ??



Jeff_H
02-23-2019, 02:03 PM
I got this form W-9 in the mail from my bank.

As near as I can determine from reading about this, they are asking for my SSN or otherwise will dock interest earned in my accounts for "backup withholding" at a rate of 28% and send to the IRS vs the normal 15% rate during tax time on my 1040 forms from 1099-INT statements.

The thing is, they already have my SSN as I have the 1099-INT statement for '18 right here (since I have been working on my taxes) and the SSN is on there (X'd out except for last 4 digits).

Any idea what gives?

The only thing I can find out so far in reading about this form that could have triggered this is I moved some money into a CD within the past few weeks so that the interest I should earn for '19 from this bank will exceed $600 that appears to be some reporting threshold.

But, still they already have my SSN. Anything else on this form would apply to business owners or others and not a wage earner.

I have sent a email to the Bank and will call them Monday.

dleroux
02-23-2019, 03:23 PM
Is it legit, or do you suspect a scam? I'd be cautious & investigate to make sure it's the IRS you're dealing with & not some nefarious character.

Jeff_H
02-23-2019, 03:38 PM
Must be from the bank. The IRS does not send these. Also, I have not got a notice from the IRS about my name and SSN not matching. I will be talking to the bank to see why they need info they already have though.

The form is partly filled already with my name and 2 account numbers but not my address or SSN. The enclosed envelope return address checks out too. I note they are too cheap to send a paid envelope so must provide my own stamp....

I could be over sensitive and paranoid since last week's bill from the phone company seemed higher than normal. Careful review found they added a $9 fee since on my last payment I had mistakenly underpaid by 10 cents.... It took almost a hour with online chat windows to clear that up. Forget actually talking to anyone. Even I think the first 4 chat "agents" were a computer too.

Chris Pile
02-23-2019, 04:15 PM
Pretty sure it's a scam..... If you aren't sure, go to the bank.

sweetolbob
02-23-2019, 07:51 PM
This would seem to cover the reasons for the W-9 and explain the backup withholding comments but the prudent approach would be to go eyeball to eyeball with them.

https://en.wikipedia.org/wiki/Form_W-9

Bob

Charlie D
02-23-2019, 09:27 PM
I am the secretary of a volunteer fire department. If a non-corporate entity wants to do work for the department we request a W-9 which shows their address and EIN/SSN number. They don't have to provide it but if they don't, they do not get the work. At the end of the year if they receive more than $600 a 1099-misc is set to them and the IRS.

Charlie D.

dleroux
02-24-2019, 06:58 PM
Used to a "very small job" for Woodland Park Zoo in Seattle. We only charged them $85.00 and the techs would fight over who got to do the job at the Zoo. I didn't mind because I thought we could help them out, the techs got a behind the scene look at the zoo, and at the end of the day everyone could go home thinking that something got something accomplished. Then I get a 14 page document from the city of Seattle that was just the start of what needed to be filled out in order to do business with the city. I've already got contracts with the state, the public health lab, the state patrol, etc. but this was over the top. I started looking into it and after filling out one page, it would take another two to complete. I called to ask for a waiver of some sort and was met with nothing but derision. I finally said, "How about if we just donate our time?"
-If that's the case then we have to look into your corporate governance and get a financial disclosure form as to where your 401K investments are invested, the percentage of minority workers of your work force, the disabled percentage of workers.......
"STOP!! Forget about it. Find someone else."
I have no idea as to who does their work today, but I know it's not us. Just not worth the hassle.

Jeff_H
03-27-2019, 09:54 AM
I got another one of these W9s (with different formatting) last week for a different account at that bank. Sent that in as well.

Today, I was checking my account activities and I see they pulled federal tax withholding out of the interest paid. So, either the gears grind slowly with these forms or something else is going on. This 2nd mailing had a name and phone number on it so I called that number asking for that person and they said no such person worked there?? I am going to have to visit the branch location in person with the copies of all this stuff on hand and see if I get this straightened out. I should not have 28% of my interest pulled out.

Packard53
03-28-2019, 07:27 PM
Jeff H. Instead of taking the time to post your concerns and asking for advice in this forum. Maybe you should have gone to you local bank and talked to those people directly about such matters in the first place.

John S.

showbizkid
03-29-2019, 09:19 AM
John, I am really struggling with your response here. Was that necessary? Was it kind? Put yourself in Jeff’s shoes. How do you think that made him feel?

You can do better than this.

t walgamuth
03-29-2019, 09:40 AM
Jeff H. Instead of taking the time to post your concerns and asking for advice in this forum. Maybe you should have gone to you local bank and talked to those people directly about such matters in the first place.

John S.

True, but asking my buds on line is a lot easier....and often I get well thought out answers which require thought to figure out.

Packard53
03-29-2019, 11:40 AM
John, I am really struggling with your response here. Was that necessary? Was it kind? Put yourself in Jeff’s shoes. How do you think that made him feel?

You can do better than this.

Clark: I had my own business for better than 15 years. I gave an honest answer as to what he should have done. I learned over the years that if the bank sends you a form that you don't under stand and it involves payment of possible taxes to the IRS. You go directly to your local bank and ask questions and have them give you direct clear honest answers face to face. You also find solutions so that you don't have that kind of problems happen again. As I stated before I gave him a brutally honest answer. I can't help that you are having a problem with my answer If I had that kind of problem I am certainly not going to worry about or complain that it might cost me some postage to get the matter taken care of.
John S.

showbizkid
04-02-2019, 10:53 AM
As I stated before I gave him a brutally honest answer.

And that is my problem. You don't seem to care how your responses make others feel.

We are supposed to be a brotherhood here. There is no need to be "brutally" anything.

Packard53
04-02-2019, 06:15 PM
Clark: To put it very bluntly I not going to miss any sleep over your concerns as to what I posted. The matter is closed as far as I am concerned.
John S.