Why Is My Bank Asking For A W9 Form

Why Is My Bank Asking For A W9 Form – Typically, the income is interest or dividends, and the bank issues a 1099 form to report the income to the irs. Your bank includes your tax id number on the 1099 form so that the irs knows who received the payments. I recently switched jobs to work out of country so i'm wondering if that's why. I recently received a letter from chase, where i have a credit card.

So if you refuse to. You will receive a letter from the bank asking for proof of your compliance with the u.s. However, you should also be ready for the next step of the process: If they fail to get one signed, they may have to withhold taxes at 24%.

I found some online postings about similar cases with other banks, but i didn't find any possible reasons for requesting such a form. We ask you to complete the form and provide your ssn or tin so we can update your account with the correct information. 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.

I ask out of curiosity, since i’ve never received this request before. Has your bank recently asked for your tax identification number (tin) in the u.s.? Please fill out the form, sign it, and send it to the bank.

Why is my bank asking for a w9? To learn more, check out our video on how to access your tax documents. While it sounds confronting, don’t worry, it’s completely normal!

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