The Wodify Support Team may request you complete a digital W-9 Form, so we can ensure your Wodify Payments account is verified correctly. Submitting this form is crucial to ensure you receive all of your payouts accordingly via Wodify Payments (powered by Stripe.)
In this article, we will cover:
Identifying Ownership Structure
Information submitted via the W-9 form will be used to generate a 1099K that is submitted to the IRS. It is important that this information matches what you are filing with the IRS.
Information such as name, address, etc, should be provided on the form based on your business' ownership structure. It's recommended that you identify your ownership structure first, before filling out the other fields. This information may be located on your SS-4 Form and your formation documents.
Types of Ownership Structures:
- Individual/sole proprietor or single-member LLC - You are the only owner, and the activity is reported on your personal tax return.
- C Corporation or S Corporation - The entity's activity is reported separately on an 1120 or 1120S tax return.
- Partnership - The entity's activity is reported separately on a 1065 Tax Return.
- Trust/estate - If the trust files its own tax return, provide that information.
- Limited Liability Company - If your LLC files a 1120, 1120S, or 1065, check this box and indicate C, S, or P.
- Other - If none of these ownership structures apply to you please talk to your tax advisor about the correct way to fill out the W9.
Note: Be sure to consult your tax advisor if you have questions about your business' ownership structure or if you don't have access to these documents.
Filling out other Form Sections
Once you have confirmed your ownership structure, here are some guidelines on how to fill out the remainder of the form:
- Name (as appears on Tax Return)
- This is the return that the business' activity is recorded on.
- If this is your personal tax return (Schedule C), please fill out your full name in this field. If the business files its own tax return, please provide the name of the Entity filing the return.
- Business Name
- If you have provided your Personal Name, please provide the name of your single-member LLC in this field.
- Business Address
- Please provide your business address. This is the address that the 1099-K will be mailed to.
- Tax Identification Number (TIN)
- If you checked off Individual/Sole Proprietor or single-member LLC checkbox in step 3, please provide the Social Security number associated with the individual tax return.
- If you checked any other box, please provide the EIN associated with the ownership entity.
If you need any additional assistance with completing your W-9 Form, feel free to reach out to us at firstname.lastname@example.org or via Priority Live Chat in your admin account (Promote only).