What are 1099 and W-9 forms?
Form 1099 is similar to Form W2 – it is sent to independent contractors (freelancers) at the beginning of every calendar year (in January) if they earned more than $600 in contract work from one source during the previous year. A copy of Form 1099 for all qualifying freelancers is also sent to the IRS. Form 1099 may be sent directly from buyers to freelancers and to the IRS, or it can be sent by Knockle on behalf of service buyers if they request this service. Knockle offers this service free of charge for buyers. To generate a Form 1099, freelancers in the U.S. must complete and submit a form W-9 when they sign up with Knockle. The W-9 tax form verifies a freelancer’s taxpayer identification number (TIN) or social security number (SSN) or employer identification number (EIN). If a buyer requests that Knockle issue Form 1099 on their behalf, then Knockle will use the W-9 information from the provider. Knockle provides, at no charge, a 1099 tax form service to its buyers. If you choose