1099-K Reporting
The Internal Revenue Service (IRS) requires freelancers to track their payments and report their income on their tax return. If you are a freelancer and the IRS defines you as a “U.S Person”, you have to comply with this requirement.
Freelancer.com will assist and automate the reporting process by providing you and the IRS with a 1099-K form by January 31st 2022. The income threshold is $600 per financial year. For us to do this, we will need your Tax Identification Number (TIN).
To configure your TIN, follow these steps:
1. Click your profile picture thumbnail from the main menu bar, and choose Settings.
2. Click Payment & Financials.
3. Go to the Tax Information section.
4. Choose your Tax Identification Type from the dropdown.
● Employer Identification Number (EIN)
● Social Security Number (SSN)
● Individual Taxpayer Identification Number (ITIN)
5. Provide your Taxpayer Identification Number and the name linked to the TIN.
6. Click Update Tax Information to save changes.
Note that payouts will be unavailable if 1) you have already reached the threshold AND 2) you have not added your tax information to your account yet, so make sure to add your details accordingly.
W-8BEN-E Form
The W-8BEN-E form is mandated by the US Internal Revenue Service (IRS) to document correct taxpayer information for non-US individuals for the purpose of correct tax collection and reporting.
You can get your W8-BEN-E form pre-filled with Freelancer.com’s information by contacting us. Simply scroll down and click the Contact Us button.
You can also use this blank form. Other forms required for your taxation needs can be downloaded from https://www.irs.gov/.
