DISCLAIMER: Opendorse is not a legal or financial advisor, these answers are only for general guidelines and should not be regarded as tax advice. For any questions regarding the reporting of taxes, or filing of such, please seek out advice from a registered advisor or other trusted representative.
What is a W9 form?
A W-9 form is used to provide your correct Taxpayer Identification Number (TIN) to a person or business who is required to file an information return with the IRS to report (source: IRS)
Do I need to fill out a W-9 form through Opendorse?
A W-9 form is required if you receive earnings that total $600 or more including cash and in-kind payments – in the previous calendar year (January 1 through December 31). A W-9 is for a company to provide you with a 1099 at the end of each calendar year. A W-9 you filled out with Opendorse is only for the activities done through Opendorse. If you do activities that did not go through Opendorse, you will also need a W9 for each of those activities.
What is a 1099 form?
A 1099 form is used to report rents, royalties, prizes and awards, and other fixed determinable income. (source: IRS). A 1099 form is required to be provided to any person who receives $600 or more through the aforementioned avenues by the compensating party.
Why do I need a 1099 form?
A 1099 form is needed when filing taxes.
Will I receive a 1099 form through Opendorse?
You will only receive a 1099 form through Opendorse if you receive earnings that total $600 or more through Opendorse – including cash and in-kind payments – in the previous calendar year (January 1 through December 31). The 1099 received from Opendorse will only show the income made through Opendorse, any activities where you were paid or received any compensation outside of Opendorse will not be reflected in your Opendorse 1099.
Will I receive a 1099 form from each company that I have done a deal with through Opendorse?
No. You will only receive one 1099 form from Opendorse for the deals with earnings that total $600 or more completed through Opendorse – including cash and in-kind payments – in the previous calendar year (January 1 through December 31). You will continue to receive a 1099 form for each calendar year in which you earn $600 or more through Opendorse.
Will a 1099 form provided by Opendorse contain information of any deals completed outside of Opendorse?
No. The 1099 form provided by Opendorse will only display earnings that total $600 or more received through Opendorse – including cash and in-kind payments – from the previous calendar year (January 1 through December 31). If you have received more than $600 or more for a deal completed outside of Opendorse, the compensating party is required to provide you with a separate 1099 form.
How will I receive my 1099 form from Opendorse?
According to the deadline set by the IRS, a 1099 form from Opendorse will be mailed to the address provided in the W-9 and will be postmarked no later than January 31.
Can I access my 1099 form from Opendorse digitally?
Contact support@opendorse.com to receive a digital copy of your 1099. All we need is your approval and we will have our finance team email it to you.
Will I receive a 1099 form from Opendorse for funds in my account balance if I have not transferred those funds to my bank account?
Yes. You will receive a 1099 form from Opendorse for all earnings through Opendorse – including cash and in-kind payments – from the previous calendar year (January 1 through December 31) if the total value earned is $600 or more regardless of if the funds have been transferred to your bank account.
Do I need to resubmit my W-9 form if I have created a business or LLC, or changed addresses?
Yes – you will need to update your W-9 form submitted to Opendorse if your filing status has changed (I.e., if you have created an LLC, if you have married, or changed your legal name, or if you have changed addresses since you completed your W9). Please reach out to Opendorse Support via the support chat or email to have them reset your W-9 form.
Where do I file my taxes?
Every state has different tax laws – please seek out advice from a registered advisor or other trusted representative.
What do I need to include when filing my taxes?
Please seek out advice from a registered advisor or other trusted representative.
DISCLAIMER: Opendorse is not a legal or financial advisor, these answers are only for general guidelines and should not be regarded as tax advice. For any questions regarding the reporting of taxes, or filing of such, please seek out advice from a registered advisor or other trusted representative.