Get the latest on Form W-9S with instructions from the IRS, and find out why your name and identifying number is needed by educational institutions and student loan lenders to file information returns. Learn the penalties for failing to provide the correct information and how to protect your identity from theft.
What is Form W-9S?
Form W-9S is a form issued by the Internal Revenue Service for eligible educational institutions and lenders of student loans. An individual completing the Form W-9S is required to provide their correct Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) as well as accompanying certifications, if applicable. This information is used to file certain information returns to the IRS and to furnish the individual with a statement. It is also used to determine eligibility of tax credits or deductions, and for the lender to issue a form 1098-E relating to student loan interest. The requester may also enter additional identifying information for their own records. It is important to protect any personal information shared with the requester, as misuse may result in civil and criminal penalties.
IRS Form W-9S – Who Needs to Fill It Out?
Form W-9S needs to be filled out by an eligible educational institution and a lender of a student loan to get the necessary identifying number (SSN or ITIN) of the student or borrower for filing information returns with the IRS and furnish a statement to them. Additionally, students need to sign the certification in Part II to ensure that the loan is being used solely for qualified higher education expenses, otherwise the lender may not issue Form 1098-E. Students can get an SSN by using Form SS-5 and an ITIN by using Form W-7, both of which can be found on the IRS website. It is important to protect one’s personal information to help reduce the risk of identity theft.
Step-by-Step: Form W-9S Instructions For Filling Out the Document
Filling out Form W-9S is easy with these clear step-by-step instructions. First, complete Part I to enter the student or borrower’s name and address and taxpayer’s identifying number. An SSN or ITIN is required, and “Applied For” can be written in the space provided if application is in process. If the loan is solely to pay for qualified higher education expenses, sign the certification in Part II. For privacy act notice, see page 2. There is also a Part III that is optional for the convenience of the requester. Finally, the IRS recommends certain precautions to protect against identity theft, such as protecting your TIN, knowing who is protecting your TIN, and being careful when choosing a tax preparer.
Below, we present a table that will help you understand how to fill out Form W-9S.
| Step | Instruction |
|---|---|
| Part I | Complete Part I with student or borrower’s information |
| SSN or ITIN | Provide SSN or ITIN; write “Applied For” if in process |
| Part II | Sign certification in Part II for qualified higher education expenses |
| Privacy Act Notice | Refer to page 2 for privacy act notice |
| Part III (Optional) | Complete Part III if requested by the requester |
| Identity Theft Protection | Follow IRS recommendations to protect against identity theft |
Do You Need to File Form W-9S Each Year?
Yes, Form W-9S must be filed each year with educational institutions and lenders of student loans to get your correct identifying number to file certain information returns with the IRS, furnish a statement to you, and to determine if your tuition relates to a certain deduction or credit. To give your correct SSN or ITIN, you must complete Part I, and if your loan applies solely to qualified higher education expenses, you must sign the certification in Part II. Penalties may be assessed for failure to file, misuse, or lost/stolen SSN/ITIN. Protect yourself from suspicious emails or phishing and visit www.irs.gov/IdentityTheft to learn more about identity theft and how to reduce your risk.
Download the official IRS Form W-9S PDF
On the official IRS website, you will find a link to download Form W-9S. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form W-9S
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