It is a simple form And compared to the usual W9 form of one page with a form and three pages of instructions, this is a simplified two paged form and more specific to the purpose.
The purpose is that an eligible educational institution such as a college or university, or a lender of a student loan will need your correct ID number for them to file returns with the IRS.
They also have to send a statement to you.
Students are required to submit their social security number or if they don't yet have one they must submit their ITIN (Individual Taxpayer Identification Number).
The form tells us that there is a fine of $50.00
For not furnishing your correct social security number or ITIN. This is unless the failure is due to reasonable cause and not to willful neglect. There are civil and criminal penalties for misusing a Social Security Number or an ITIN number in violation of federal law.
Read the simple instructions for the details. |