Why Does Usaa Want A W9 Form

Why Does Usaa Want A W9 Form – When i asked why, they said it is part of the depositary agreement. The letter says that if i don't fill out the form, i'll be subject to backup withholding. I've been waiting for my fed refund and a little concerned there is an issue with my taxes as the form asked a lot about backup withholding or something? From what i understand of backup withholding (quick google search), if i don't do anything, the bank can withhold 28% of interest.

Learn about our usaa turbotax discount, find your tax forms, see filing schedules and get the info you need to tackle your taxes today. Once they have the form, businesses don't send it to the irs. I am a federal employee and have been for 9 years with no changes to my withholding during that whole time. I've had an account with them for over 20 years, so they don't need it to verify my identity or citizenship.

Learn the answers to the most frequently asked questions usaa members have involving their taxes. Tax season can bring create a ton of unanswered question. Yesterday that bank sent me a w9 form (an official form that basically asks for my tin or ssn) although the bank already has my ssn.

Why would a bank suddenly (after 3 years) ask for that form? Generally, it’s a simple way for the bank to verify your social security number and citizenship. Instead, they keep it in their files.