Are you an OnlyFans creator who has received the notification from the platform to fill out Form W-9? Do you want to learn the significance, reasons, and methods for filling out the W-9 form on OnlyFans? If yes, you have landed on the right page.
Whether you are a new or experienced OnlyFans model, you must know that some tax implications may apply to you. These taxes get deducted from your earnings made by selling content on OnlyFans. In order to report your earnings accurately, OnlyFans requires you to fill out some legal forms, like W-9, which must be submitted before withdrawing your income.
This blog is a detailed guide on the significance and methods of filling out the W-9 Form for OnlyFans.
- What is Form W-9?
- Understanding The Form W-9 For OnlyFans Creators
- Tips For Filling the Form W-9 For OnlyFans Creators
- How to Fill Form W-9 For OnlyFans | A Step-by-Step Guide
- OnlyFans Taxes: How Do They Work?
- 1099 NEC - NonEmployee Compensation
- Frequently Asked Questions
- P.S. How To Do Form W-9 For OnlyFans
What is Form W-9?
Form W-9 is a tax information form required for self-employed workers and businesses in the United States. Companies may ask you to fill out the W-9 form if you are their paid consultant, influencer, content creator, or freelancer. By completing Form W-9, you provide the company with your Taxpayer Identification Number (TIN), which they can report to the Internet Revenue Service (IRS) if required.
When a company or a business requires you to fill out Form W-9, they may provide you with a copy. Alternatively, you can download a softcopy of the form from the IRS’s official website. After you have submitted all of the correct information on your Form W-9, you must return it to the company that is paying you rather than to the IRS. The document (Form W-9) is supposed to provide support and information to the company (OnlyFans) to generate Form 1099-NEC or other payment reports required by the IRS.
Understanding The Form W-9 For OnlyFans Creators
If you start a creator account on OnlyFans.com, you must fill out the Form W-9, which requests original information about your TIN, business, and other initials. Below are some helpful facts about the Form W-9 for OnlyFans creators:
- It is essential for OnlyFans creators to fill out Form W-9 to inform the IRS about their income and tax information.
- The W-9 form is not submitted directly to the Internal Revenue Service (IRS); instead, you must submit it to OnlyFans so they can use the provided information to generate the 1099-NEC Form, which outlines the payments made to you throughout the year.
- The information required to complete Form W-9 is straightforward. As an OnlyFans creator, you must provide your legal name, residential address, and TIN. The government-issued Social Security Number (SSN) is a common TIN for US residents. Self-employed individuals or businesses must put their Employer Identification Number (EIN) in the TIN section of the W9 Form.
- OnlyFans reserves the right to withhold 24% of any creator’s total earnings as a backup if they fail to submit the Form W-9.
- OnlyFans creators must keep their W9 form updated. If any provided information, like your address or legal name changes, you must report it to OnlyFans in order to avoid any legal issues.
Tips For Filling the Form W-9 For OnlyFans Creators
If you are a beginner-level OnlyFans creator and do not know how to fill out the W9 form successfully, follow the tips mentioned below:
- Read It Carefully: OnlyFans creators must read all the instructions and pointers in Form W9 carefully to ensure you respond accurately.
- Submit Genuine Information: OnlyFans is a legal United States-issued tax form, and providing fake information can put you in trouble. Even if you are working as an anonymous OnlyFans creator, you must submit genuine information in the form.
- Keep Your Data Secured: Only you must fill out your W9 Form, as it carries sensitive information like your tax identification number (TIN) and your address. Sharing this personal data with anyone else is against OnlyFans’ privacy policies.
- Consult OnlyFans Customer Service: If you have trouble filling out the Form W9, contact OnlyFans customer service for assistance.
- Save Your OnlyFans W9 Form: Whenever you fill out a legal form like W9, keep a copy in a safe place so you can access it later if required.
How to Fill Form W-9 For OnlyFans | A Step-by-Step Guide
Follow the steps mentioned below to fill out the W9 Form for your OnlyFans account.
One: Creators must obtain the W9 form from the official OnlyFans site or download it from the IRS website.
Two: Provide your legal name according to US-based tax return papers.
Three: If you own a business or an agency, provide its details under the “Business Name” section.
Step Four: Write your current resident address in detail, including street number, state name, city, and ZIP code.
Step Five: Enter your appropriate Taxpayer Identification Number (TIN) that must be issued on the name you provided in the first line of the form. A TIN is usually an individual’s Social Security Number (SSN) or Employer Identification Number (EIIN). In case of any confusion, you can consult a lawyer or OnlyFans customer support service.
Step Six: Lastly, read the certification section carefully and sign the form along with the submission date.
OnlyFans Taxes: How Do They Work?
Before we get into the OnlyFans tax details, we need to know whether you use the platform as a hobby or a full-time income source. If you work on OnlyFans as a side hustle and intend to avoid making large profits, the IRS will suspend your self-employment taxes, and you will only have to pay income taxes.
On the other hand, OnlyFans influencers who earn over $600 a year on OnlyFans and use the platform as a full-time income source must pay self-employment taxes along with income tax. The IRS’s self-employment taxes are fixed at 15.3% of your yearly gross income.
Every OnlyFans creator who lives in any part of the United States and earns over $600 on the platform must pay his taxes. OnlyFans requires you to fill out the W-9 Form so they can send it to the IRS, which will send you your tax amount and information at the end of the year.
1099 NEC – NonEmployee Compensation
The 1099 NEC, unlike Form W-9, is not a form that you must fill out; instead, it is a simple document that you will receive from OnlyFans at the address you entered in the W9 form. Through this document, OnlyFans expresses the gross income you have made on the platform for the whole year.
It is mandatory to note that only creators who are permanent residents of the United States and earn more than $600 a year will receive the 1099 NEC from OnlyFans. All OnlyFans users with an income of less than $600 are not eligible to receive the 1099 NEC. All recipients may get this document on January 31st through the mail, while the digital version is accessible through your OnlyFans account.
Frequently Asked Questions
1. Is it necessary for OnlyFans creators to fill out the Form W-9?
Yes, all OnlyFans creators must submit the Form W-9 form before withdrawing their income.
2. What should I do if I do not have a TIN?
Getting a taxpayer identification number is a simple and quick process. Creators must apply for a TIN on the official IRS website. Individuals get a social security number as a TIN, while businesses can obtain an employer identification number.
3. How can I update my Form W9 if any provided information changes?
OnlyFans creators must consult and reach out to OnlyFans customer support service in order to inform them about the changed data.
4. Do I need to fill new Form W-9 for each platform I use to monetize my content?
Yes, you must fill out separate Form W-9 for each platform that pays you in exchange for your services.
5. Is the information provided on OnlyFans in Form W-9 secure?
OnlyFans is a highly secure platform that protects personal information with advanced privacy features and tools. It ensures that the data in the Form W-9 remains secure and is only shared with the IRS when needed.
P.S. How To Do Form W-9 For OnlyFans
Being an OnlyFans creator, you must stay on top of everything from creating content to making money and paying taxes. Just like with any other source of income, influencers are responsible for paying these tax implications on their earnings from subscriptions, PPVs, customs, and tips on OnlyFans. Filing the Form W-9 is one of the required steps to withdraw your earnings from OnlyFans.
We hope this detailed blog has helped you understand the importance and method of filling out Form W-9 on OnlyFans.
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