W-9

Fat Freddy · Dec 27, 2011

If I am not mistaken I remember reading about w-9's a while back, but since it did not affect me nothing registered in my brain.

Anyways I got an entry form for a contest emailed to me this morning and in the application it says that each competitor has to have a w-9 filled out and submitted with the application.

To be honest I dont even know what a W-9 is, I am sure I can look it up though. And I have already started filling out entry applications for other contests and none of them requires a w-9.

This will be our first year as KCBS competitors and not judges so is this something I should be aware of?? Is this typical?? and Why do only some of the contests require but not all??

dmprantz · Dec 27, 2011

W-9 basically just tells the organizer what your name, address, and SSN/EIN/TIN is, so that they can send you a 1099 if you get any winnings and report it to the IRS. Sam's Club tried to require one from every team, winner or not, last year, and later removed the requirement. I've seen a few comps ask for winners to fill them out upon receipt of winnings. Apparently your competition is trying the original Sam's Club approach. In my experience, that is atypical.

dmp

Rich Parker · Dec 27, 2011

I would fill the form out but would not provide a SSN or EIN until you know you are getting paid. Too many organizations out there think they need everyone's private info.

Ford · Dec 27, 2011

by law any prize money over $600 in total from the contest should be recorded and that organization has a legal obligation to file a 1099 with the IRS. To do this they need a W9 that lists your SSN/EIN (not sure what the TIN is).

In reality most organizations that do one contest a year don't bother. It's paperwork and a cost to them. Unless they get audited they are home free and so are you. Here in FL most FBA contests are "charity" events and they don't do it. Some run by organizations do ask for info up front and others (especially municipal groups) will ask for a W9 before handing you a check.

And last thing, you as an individual are supposed to report all winnings on your tax return no matter the amount. By filling out the correct form you can claim deductions for expenses (keep your receipts) but can not claim a loss for your hobby.

dmprantz · Dec 27, 2011

Ford said:
not sure what the TIN is

TIN (Taxpayer Identification Number) is an umbrella term which includes both SSN and EIN,among others.

dmp

Bill-Chicago · Dec 27, 2011

Rich Parker said:
I would fill the form out but would not provide a SSN or EIN until you know you are getting paid. Too many organizations out there think they need everyone's private info.

This, but if they are insistant, fill out a W-9 with the EIN number being all 8's.

That is the symbol/method used for "Applied For"

Here's the form:
http://www.irs.gov/pub/irs-pdf/fw9.pdf?portlet=103

didisea · Dec 27, 2011

Willkat98 - Why would you want to give an organizer a false W-9 form? (Unless you are actually in an applied for status if you were incorporating/LLC)
It is only going to cause the organizer to have to call you at the end of the year to get your actual TIN.

I carry a couple of filled out W-9's (form is available on the www.irs.gov website) in my BBQ binder along with my health card and other docs I need to have to compete.

dmprantz · Dec 27, 2011

I don't want to speak for Willkat, but a lot of people are hesitant to hand out their SSN whenever asked. The more people have it, the greater the opportunity for fraud and crime committed with it. This is especially true when the person asking for it has absolutely, positively no need for that information at the time he is asking for it.

There have been several conversations about getting an EIN instead of an SSN and using that, trusting contest organizers, and trusting the mail. While those are certainly valid things to consider, they are not substitutes for carefully garding your own information and protecting yourself. If any one wants to carry around pieces of paper with his SSN on them, ready to get stolen, go ahead, but I would not recommend any one do that. It's pretty quick and easy to fill a W-9 out if you win.

dmp

Coz · Dec 27, 2011

And last thing, you as an individual are supposed to report all winnings on your tax return no matter the amount. By filling out the correct form you can claim deductions for expenses (keep your receipts) but can not claim a loss for your hobby.[/QUOTE

Ford ,my accountant had us doing this when I was racing but when we started this insanity of Comp BBQ he now says we cant deduct the expenses as a hobby .

Fat Freddy · Dec 27, 2011

didisea said:
Willkat98 - Why would you want to give an organizer a false W-9 form? (Unless you are actually in an applied for status if you were incorporating/LLC)
It is only going to cause the organizer to have to call you at the end of the year to get your actual TIN.

I carry a couple of filled out W-9's (form is available on the www.irs.gov website) in my BBQ binder along with my health card and other docs I need to have to compete.

Health Card and other documents???? I must be missing something here big time. What is a health card and how would I go about getting one??

As for the contest and its organizer. Last year we had a contest same days set up same rules and everything because KCBS wanted them to have 1 year of contest before becoming sanctioned. The organizer is nice and seems organized and really wants this contest to work and at least one fellow brethren is helping her out with advice. Saying all that I would have zero problem with filling out a tax form but as a former victim of identity theft and have spent tons of money and time and aggravation repairing this I am SUPER leery of putting my ss number anywhere that I am not in control of.

On the other hand i would sure LOVE to have one necessary, would mean I didnt do to bad.

Thanks for all the help everyone, it really is appreciated and informative.

2Fat · Dec 27, 2011

Coz said:
And last thing, you as an individual are supposed to report all winnings on your tax return no matter the amount. By filling out the correct form you can claim deductions for expenses (keep your receipts) but can not claim a loss for your hobby.[/QUOTE

Ford ,my accountant had us doing this when I was racing but when we started this insanity of Comp BBQ he now says we cant deduct the expenses as a hobby .

Well either he is mistaken or our CPA is wrong--you can deduct up to the extent of reported income or something like that---did that a couple years and it helped---alot

Uncle T · Dec 27, 2011

didisea said:
Willkat98 - Why would you want to give an organizer a false W-9 form? (Unless you are actually in an applied for status if you were incorporating/LLC)
It is only going to cause the organizer to have to call you at the end of the year to get your actual TIN.

I carry a couple of filled out W-9's (form is available on the www.irs.gov website) in my BBQ binder along with my health card and other docs I need to have to compete.

Seeing I am new as well, I am interested in the health card and other documents. Do you mean food saftey cert. by chance?

Thanks

didisea · Dec 27, 2011

If you are going to vend you BBQ to the public, some county health depts require that you have your food worker card. In our state, Washington, you can go online and take the test, pay the 10 or 20 dollars and get your card. I think it should be required to compete, or at least the head cook should have one. Then people would know the basics of food safety.

In the PNWBA we also have to have the receipt showing the purchase date of our fire extinguisher.
So I just put copies all of those docs in those plastic sleeves in my BBQ binder so as to have them handy when the judges/health dept inspects my site.

Uncle T · Dec 27, 2011

Ahh yes, Okies now I understand. Thanks for the reply..

Coz · Dec 27, 2011

2Fat said:
Well either he is mistaken or our CPA is wrong--you can deduct up to the extent of reported income or something like that---did that a couple years and it helped---alot

Thats what he used to do with the racing stuff .I guess I will have to question him again.

SirPorkaLot · Dec 27, 2011

Coz said:
Ford ,my accountant had us doing this when I was racing but when we started this insanity of Comp BBQ he now says we cant deduct the expenses as a hobby .

\

I'd advise checking with another accountant....

If you have to claim your winnings, then you have to have a method to deduct (part of) the cost of going after those winnings.

didisea · Dec 27, 2011

In regards to deduct

didisea · Dec 27, 2011

In regards to deducting your expenses, you can offset your BBQ winnings with your expenses, but you cannot use your BBQ expenses to offset other gains like investment income. See hobby losses

SirPorkaLot · Dec 27, 2011

didisea said:
In regards to deducting your expenses, you can offset your BBQ winnings with your expenses, but you cannot use your BBQ expenses to offset other gains like investment income. See hobby losses

^^ True statement ^^

caseydog · Dec 27, 2011

dmprantz said:
W-9 basically just tells the organizer what your name, address, and SSN/EIN/TIN is, so that they can send you a 1099 if you get any winnings and report it to the IRS. Sam's Club tried to require one from every team, winner or not, last year, and later removed the requirement. I've seen a few comps ask for winners to fill them out upon receipt of winnings. Apparently your competition is trying the original Sam's Club approach. In my experience, that is atypical.

dmp

I am self employed, and send out dozens of W-9s a year. No big deal. I even have one I can email.

Yes, it is just used by a customer who is required, or chooses to send out a 1099 to a vendor. Usually, they only ask for it if they are required to send 1099s.

I have no idea what that has to do with a BBQ Competition, but it is one of the easiest IRS forms to fill out.

As for identity theft, there are thousands of ways someone can get my SS number. Since I personally know everyone I send a W-9 to, and can show up on their doorstep with a lawyer and/or some 6 foot 6, 300 pound "assistant," I really don't sweat it. :becky:

CD

W-9

is Blowin Smoke!

is Blowin Smoke!

Babbling Farker

is One Chatty Farker

is Blowin Smoke!

somebody shut me the fark up.

Take a breath!

is Blowin Smoke!

is Blowin Smoke!

is Blowin Smoke!

is one Smokin' Farker

Is lookin for wood to cook with.

Take a breath!

Is lookin for wood to cook with.

is Blowin Smoke!

somebody shut me the fark up.

Take a breath!

Take a breath!

somebody shut me the fark up.

somebody shut me the fark up.

Similar threads