IRS Form W-9Instructions for filling out and submitting the form KBF needs before paying prize money
What is an IRS Form W-9
Officially known as a Request for Taxpayer Identification Number and Certification, the IRS Form W-9 is used by KBF to get the Taxpayer Identification Number (TIN) from competitors to whom it intends to pay cash prizes. The form also provides KBF with other personally identifying information like name and mailing address. The form acts as an agreement that you are responsible for withholding taxes that are required to be paid from your winnings.
Who has to fill one out?
KBF requires that any competitor awarded a cash prize or bonus fill out, sign, date, and submit a W-9 form.
Where is it?
Paperless Online Form — The IRS Since the IRS permits companies to use their own forms to request taxpayer identification numbers and certifications, KBF provides a secure, quick, and convenient online Substitute IRS Form W-9 that you may fill out, digitally sign, and submit in about two minutes. This is a more secure, faster, and easier way to provide the information that KBF requires. The information you provide is encrypted for transfer and storage, safeguarding it against eavesdropping and unauthorized access.
What does KBF do with my W-9?
KBF will keep your W-9 on file in digital format or hard copy in case it is needed for tax preparation. For individuals to whom KBF pays out $600 or more during a calendar year, KBF will prepare IRS Form 1099 forms using the information on the W-9. A Form 1099 outlines all the payments made to you. One copy will be mailed in January to you at the address provided on the W-9, and another copy will be mailed to the IRS. (For amounts under $600, no 1099 is produced or mailed.)