IRS Form W-9S

irs form w-9s
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IRS Form W-9S is the legal paper needed to be filled by students attending colleges or universities. Data written in Form W-9S is essential for the universities because they need to deliver it to the Internal Revenue Service, which, in turn, needs it for filing information returns and providing students the declaration afterward.

If there is a place for the creditor for the student loan, students need to deliver all the necessary data to that person.

The Purpose of Form W-9S

The main purpose of filing Form W-9S is to provide the necessary data to the Internal Revenue Service. This data includes either an individual taxpayer identification number (ITIN) (if the student has no right to receive an SSN) or the social security number (SSN) (if the student has the right to obtain this number) of the student.

Additionally, to filing Form W-9S, students will also need to attach finished declarations including such data as:

  • Student loan interest (must be described in the Student Loan Interest Statement and Form 1098-E)
  • Details on competent training and expenses related to it (students need to write down the data in both the Tuition statement and Form 1098-T)

This data is so essential because, without it, the Internal Revenue Service (IRS) will not be able to define if students, or people that can call these students their dependents, are able to require the credit for education for decreasing federal income tax or if they can get the tuition and fees deduction. Determining the deduction for this interest will also not be possible in the absence of the data on student’s loan interest.

Filing Form W-9S students confirm they will spend the loan for paying for education expenses exclusively. Deviation from this statement might lead to issues with the Internal Revenue Service, meaning the law will be violated.

It is possible to fill and deliver Form W-9S either in electronic or paper form depending on the requirements of the lender or the educational organization.

How to Fill out Form W-9S

Students filing Form W-9S might note they can do it in two possible ways: they can either use the assistance of the form-building software with included PDF editor (which can be done in just a few minutes due to the length of the form and the simplicity of use of the form-building software), or they can resort to the assistance of the detailed guidelines prepared by the experts in the legal field.

Both of these options are possible and have the right to exist. Students have to choose the option they like more and follow the instructions afterward.

Review the General and Specific Guidelines

This is the first step you need to fulfill while filing any of the IRS forms. It is essential to get acknowledged with the given specific and general guidelines because they contain data on the form filling.

Any mistakes made in form filing might lead to the situation when the Internal Revenue Service declines the form and you are not receiving the loan you were requesting. It can affect your opportunity to receive the proper education.

Insert the Baseline Data

In this section, students need to write down their name or the name of their loan recipient. The name must be correct and full.

It is also necessary to include the data regarding the address (with the correct apartment number, name of the street, street number, state, city, and zip code).

Also, students have to register their taxpayer identification numbers.
step 2 - insert the baseline data - filling out irs form w-9s

Confirm the Use of the Loan for its Intended Purpose

As it was previously mentioned, students have to confirm they are going to spend the loan on the education expenses only. It is vital to register it in Form W-9S and, thus, make this statement legal.

Students or their loan recipients need to sign the form and enter the signing date.
step 3 - confirm the use of the loan for its intended purpose - filling out irs form w-9s
Give the Data on the Requester

Enter the name and address of the person requesting the form (this person called the requester). Also, type the loan account number and the tuition account number.
step 4 - give the data on the requester - filling out irs form w-9s

Deliver the Finished Form to the Requester

After you finish filing Form W-9S, transfer it to the requester. You do not have to send it to the Internal Revenue Service.