W-9 Form

At OrderCash4Free.com, I'm at the point where I need to fill out a W-9 Form.

After filling this out...what happens? Do I have to pay taxes? How does this work.

I need every bit of information you can give me of what happens after I sent this in, and start receiving more money.

Thank you.

Look around for other threads about W-9s.

There are none. That's why I'm asking for help please.

There are about a million and seven discussions about W9's here.

For the million and eighth time A W9 is an official form use to record your name, address, and taxpayer ID number so that the business in question (the freebie site) knows where to send your 1099-MISC form with the value of your gift. You will receive this form in the Jan-Feb timeframe of the following year, along with any W2's from any job(s) you may have.

You are required by law to claim the value of any prize you receive from a freebie site as gift income. Whether you wind up with a tax liability (i.e. have to pay) is totally up to your individual situation, and nobody here can tell you that.

It is unwise to take tax advice from a public forum, so just know that you are legally obligated to report your freebie income, whether gift or cash.

Even though you are required by law to list every gift/prize etc in your tax returns, aren't you only supposed to list the gifts that you've received a W-9 for?

In 2005 I received over $600 from Freepay and Trainn but neither required me to fill out a W-9. Even though that's their own fault, am I still required to list all of the gifts they gave me?

I didn't get a whole lot of Freebies last year but this year I've gotten tonnes and not all have asked for a W-9.

Obviously, I'm asking this in your experience and I won't "quote" you on your advice. Any idea how much it costs to hire a lawyer to go through your taxes?

[quotef5999bea12="theysayjump"]Even though you are required by law to list every gift/prize etc in your tax returns, aren't you only supposed to list the gifts that you've received a W-9 for?[/quotef5999bea12]
Not true! You are required by law to report ANY and ALL income/gifts, whether you are actually 1099'd or not. The 1099 itself is just an official notification from the provider to you, but lack of receipt does not absolve you of your tax liability.

[quotef5999bea12]In 2005 I received over $600 from Freepay and Trainn but neither required me to fill out a W-9. Even though that's their own fault, am I still required to list all of the gifts they gave me?[/quotef5999bea12]
Legally, yes.

[quotef5999bea12]Obviously, I'm asking this in your experience and I won't "quote" you on your advice. Any idea how much it costs to hire a lawyer to go through your taxes?[/quotef5999bea12]
You shouldn't need a lawyer until you get in trouble. ;) A tax accountant or a professional tax preparer will charge you around $100 or so if your tax situation is simple and routine. Of course you can go to the little tax kiosks that you see everywhere at tax time and pay a lot less, but those are just trained monkeys who type your information into the computer, they aren't professional tax folks.

I have a fairly complex tax situation myself, but I still do all my own taxes. Modern tax software is very good, I've been a TaxCut customer for many years, and used TurboTax for many years before that.

Yeah I also used TurboTax Premier the last couple of years to do my taxes and it's a lot easier than trying to figure it out otherwise.

So regardless of whether you've been sent a W-9 or not, you still have to use 1099 to list all gifts you've received from someone? Is that regardless of the cost of the gift(s)?

[quote8d8aa167e2="theysayjump"]So regardless of whether you've been sent a W-9 or not, you still have to use 1099 to list all gifts you've received from someone? Is that regardless of the cost of the gift(s)?[/quote8d8aa167e2]
Legally, yes.

And the 1099-MISC is a form sent by the provider (freebie site) to you, with a value to claim on your taxes. It isn't something you fill out. If you don't get a 1099, you're still legally responsible for reporting it.

Now stop asking for tax advice on a freebie forum, TSJ!!! P ;)

Sorry grandpa David. oops

And get offa my lawn!

/shakes fist at those damn kids

http//www.jesuschristonly.com/sermons/billy-graham/bg11.jpg[" alt=""/img0d6b9d1e84]

W-9s are for noobs....or people that do big ass DIY sites.

[quotefcb1b01fae="johnjimjones"]W-9s are for noobs....or people that do big ass DIY sites.[/quotefcb1b01fae]

n00b

[quotece181599b9="CoMpFrEaK"][quotece181599b9="johnjimjones"]W-9s are for noobs....or people that do big ass DIY sites.[/quotece181599b9]

n00b[/quotece181599b9]

I haven't had to fill one out so there. You're the noob now.

[quote5bc158b8a2="johnjimjones"][quote5bc158b8a2="CoMpFrEaK"][quote5bc158b8a2="johnjimjones"]W-9s are for noobs....or people that do big ass DIY sites.[/quote5bc158b8a2]

n00b[/quote5bc158b8a2]

I haven't had to fill one out so there. You're the noob now.[/quote5bc158b8a2]

Me neither

What's the tax rate on this stuff?

[quote955c564897="TFOAF"]What's the tax rate on this stuff?[/quote955c564897]
lisighli

Nobody here can answer such personal tax questions. It depends on your tax bracket and your individual tax situation (income, deductions, credits, married vs single, dependants, etc. etc.). If you're in, for example, a 15% tax bracket, then you can use that as a rough estimate, but it's typically not that simple. Best just to wait and see. If you have tax software from a previous year, you could play some what-if scenarios by pretending to fill out a new return, using as accurate an estimate of your income for this year as you can, then ADD the fair market value of the prize to your gross income. That's only a rough idea though, as tax brackets, scales, and laws change from year to year.

So how much am I going to be paying in taxes next year David?

Also, how old is my cat?

























































wink

[quote877eb9a7c6="theysayjump"]So how much am I going to be paying in taxes next year David?

Also, how old is my cat?

























































wink[/quote877eb9a7c6]

You dont have a cat, it was thrown out the window.

[quotead5a07fed7="dmorris68"][quotead5a07fed7="TFOAF"]What's the tax rate on this stuff?[/quotead5a07fed7]
lisighli

Nobody here can answer such personal tax questions. It depends on your tax bracket and your individual tax situation (income, deductions, credits, married vs single, dependants, etc. etc.). If you're in, for example, a 15% tax bracket, then you can use that as a rough estimate, but it's typically not that simple. Best just to wait and see. If you have tax software from a previous year, you could play some what-if scenarios by pretending to fill out a new return, using as accurate an estimate of your income for this year as you can, then ADD the fair market value of the prize to your gross income. That's only a rough idea though, as tax brackets, scales, and laws change from year to year.[/quotead5a07fed7]

Also please let me know how much of my paycheck will be withheld for taxes, 401k, and other pretax investments.