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  2. Line 4: Fill out this section if you’re exempt from backup withholding. Payments to independent contractors are usually not exempt, according to the IRS, nor are dividends, rents, royalties or ...

  3. Form W-9 - Wikipedia

    en.wikipedia.org/wiki/Form_W-9

    The payer must collect withholding taxes on certain reportable payments for the IRS. However, if the payee certifies on the W-9 they are not subject to backup withholding they generally receive the full payment due them from the payer. [2] This is similar to the withholding exemption certifications found on Form W-4 for employees.

  4. Backup withholding - Wikipedia

    en.wikipedia.org/wiki/Backup_Withholding

    Failure to certify exemption from backup withholding for under-reported interest and dividends. Prevention and resolution. If a payer issues a "B" notice, indicating an incorrect TIN, individuals can usually prevent or stop backup withholding by providing the correct name and TIN to the payer. Certification of the accuracy of the TIN is crucial.

  5. Can I Stop Money From Being Withheld From My Tax Returns? - AOL

    www.aol.com/stop-money-being-withheld-tax...

    Backup withholding is money deducted for federal income taxes on some payments by banks and other payers. Backup withholding amounting to 24% of a payment may be required if a taxpayer who ...

  6. IRS tax forms - Wikipedia

    en.wikipedia.org/wiki/IRS_tax_forms

    The payer must collect withholding taxes on certain reportable payments for the IRS. However, if the payee certifies on the W-9 they are not subject to backup withholding they generally receive the full payment due them from the payer. [45] This is similar to the withholding exemptions certifications found on Form W-4 for employees.

  7. Am I Exempt From Federal Withholding? Do I Still Get a Refund?

    www.aol.com/am-exempt-federal-withholding-still...

    Being exempt from federal withholding means your employer will not withhold federal income tax from your paycheck. When you claim certain deductions, they get subtracted from your annual gross income.

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