This Tab contains the tax information for the account. Fields are available to record the tax numbers, tax name, W9 on file, and Resident status. You can also enter a Tax Address, different from the address displayed on the Account information tab if needed. The Tax Address will be used by the system for inclusion on all the tax reports and forms. If the tax address fields are blank, then the system will default to the address on the Account Information screen. See details on each field below:
Social Security Number: Enter the nine digit Social Security Number here. The system will automatically format the number, inserting the dashes in the appropriate places.
Federal ID Number: If a Federal ID number is being used, type in the Fed ID number here.
Individual / Partnership Radio Buttons: Data entered into these fields are the Owner of Record information that will print on the 1099 forms. The name matching the Tax Information number, is the name that should have the Radio Button highlighted.
W9 on File: If a W9 IRS Tax form has been completed for this account, enter a checkmark.
Number to Use for Tax ID: To ensure the correct number is used for IRS Tax ID number filing, select either Social Security or Federal ID from the drop-down box.
State Resident: This field is used in the States that withhold state income tax. If the horsemen lives in the same state as the racetrack, the system will automatically check the State Resident box. If they live out of state, the box will be blank. If your state withholds tax, use this field appropriately, if not, this field can be disregarded.
US Resident: If this is a foreign account, do not put a checkmark in this field. The system will not include this account in the 1099 list, or include it on the 1099 electronic filing.
IRS Code: This field is
automatically populated based on which radio button is selected for Individual
/ Partnership. If Individual is selected, the system will enter
the first four letters of the last name. If Partnership is selected,
the system will enter the first four letters of the partnership name.
The IRS Code is required for magnetic filing of 1099’s. The
user should verify the code and made any necessary corrections.
Examples: Mary and John Smith – the IRS code
should be: SMIT
ABC Stables – the IRS code should be: ABC
Address 1 and 2: If the horsemen has a permanent address that should be used for tax reporting, other than the mailing address entered on the Account Information screen, you can enter the address here, otherwise leave these fields blank. If the fields are left blank, the address from Tab 1 - Account Information will be used as the tax reporting address.
City: Enter the name of the city.
State: The state is selected by pressing the first letter of the state until the right state appears.
Zip Code: Enter the five or nine digit code. Include the dash after the first five digits.
Foreign Address: If this address is outside the United States, choose the country from the drop-down Country field before you enter the city and foreign zip code.