In this article, you will learn:
Let’s Understand TDS Online Payemnt in Detail
- What is OnlyFans W9 Form?
- How to Fill Out OnlyFans W9 Form?
- When Does OnlyFans Send 1099?
- How to get OnlyFans 1099 Online?
- Does OnlyFans Pay Taxes?
- What is OnlyFans W2?
- Does OnlyFans Give You a W2?
- Does OnlyFans Count As Self-Employment?
- What Can You Write Off for OnlyFans?
- Does OnlyFans Give You a Tax Form?
One of the major requirements to start earning on OnlyFans as a content creator is completing your OnlyFans W9 form.
If you are a US-based content creator willing to set up and start earning on OnlyFans, it is mandatory to complete your OnlyFans W9 form with relevant details. OnlyFans requires its content creators to follow a few steps as part of setting up an OnlyFans creator account.
These steps include adding the bank account in your name, ensuring that your account is verified, setting a subscription price for your paid content, and filling out the W9 form in case you are a US-based creator.
Don’t know how to fill out OnlyFans W9 form? Keep reading as in this article we’ll let you know how you can fill out your OnlyFans W9 form step-by-step.
But before that, it’s important to understand what is W9 for and why is it important for you to submit the correct details in your OnlyFans W9 as a content creator.
What is OnlyFans W9 Form?
The IRS requires persons making payments during the calendar year as a business or self-employed to report an information return to IRS. OnlyFans is a subscription-based social media platform that allows you as a content creator to monetize your content by setting a subscription price.
As a creator, you get 80% of the revenue on your earnings including the subscription price, tip amounts, and paid messages.
Since OnlyFans is a business making payments during a calendar year to a number of content creators like you on its platform, it is required to report an information return to IRS. And in order to file an information return with IRS, OnlyFans would need the correct taxpayer details from you, for which it will request you to complete your W9 form.
Accordingly, W9 is a form that persons making payments in the course of their trade or business during the calendar year send to recipients of those payments to collect tax information of such recipients.
Likewise, OnlyFans W9 is a form that is requested by OnlyFans to all the US-based content creators registering on its platform to collect their tax information such as Tax Identification Number (TIN).
Such tax information is then used by Onlyfans to report payments made to the content creators for their services in form 1099-NEC to the IRS. Remember, you need to fill out the W9 form only if you are a US-based content creator registering on OnlyFans.
Also, make sure that your tax details furnished in W9 are correct and up to date. This is because OnlyFans would use the same details such as your name, business address, etc to report your payments to IRS in form 1099-NEC. It will then send a copy of the form 1099-NEC to you once OnlyFans files return to the IRS.
Now that we understand the purpose of the OnlyFans W9 form, let’s have a look at the steps involved in filling out the W9 form.
How to Fill Out OnlyFans W9 Form?
As mentioned above, you’ll use the W9 form to provide your tax information to OnlyFans only if you are a US person. This is because OnlyFans is required to file an information return to the IRS to report income paid to you for the services you render as an independent contractor.
Thus, the W9 form is submitted by you as a US-based content creator to OnlyFans and not the IRS. The following is a copy of the OnlyFans W9 form which will help you in understanding the steps involved in filling out W9.
As you can see above, the W9 form’s initial section requests you to provide personal details such as your name, business name, federal tax classification, exemptions, address, city, and account number. Let’s understand how you’re supposed to fill this section of form W9 line-wise.
I. Basic Details Section of Form W9
1. Line 1 – Name
This line should be filled with the name that matches the name on your tax return. As mentioned in the form, this is a mandatory field that can’t be left blank. Let’s see what will appear in this field in various cases.
Enter here the name that appears on your tax return. In case you have changed your last name and have not intimated the Social Security Administration (SSA) authority about such a change, you must enter your first name, last name as it appears on your social security card and the new last name.
In case you are an ITIN applicant, you must fill this field with the name that appears on your W-7 application. This name should also match the name that you mentioned in the form 1040/1040A/1040EZ that you filed along with your application.
b. Sole Proprietor or Single-Member LLC
Specify your name as it appears on your form 1040/1040A/1040EZ.
c. Partnership, LLC that is Not a Single-member LLC, C Corporation, or S Corporation
Specify here the name of your entity as it appears on your tax return.
d. Other Entities
Enter here the name as appearing on the requisite U.S. federal tax documents. This name should match the name appearing on the charter or other legal documents resulting in the formation of the entity.
e. Disregarded Entity
Specify here the name of the owner. This should be the same name as appearing on the income tax return on which the income would be reported. Always remember, the name of the entity specified here can never be a disregarded entity.
2. Line 2 – Business Name/Disregarded Entity Name if Different From Above
Line 2 is for the business name. Thus, if you have a trade name, business name, Doing Business As (DBA) name, or a disregarded entity name, you must mention it here in line 2.
3. Line 3 – Federal Tax Classification of the Persom Whose Name is in Line 1
Line 3 asks for the federal tax classification of the person whose name is mentioned in Line 1. Make sure you check only one box here. See the below table to understand what checkbox you need to tick.
|If the Person/Entity in Line 1 is||Then Check|
||Individual/sole-proprietorship or single-member LLC|
||Limited Liability Company and simultaneously entering the correct tax classification i.e. C = C corporation, S = S corporation, P = Partnership|
4. Line 4 – Exemptions
Line 4 applies to those who are exempt from backup withholding and/or Foreign Account Tax Compliance Act (FATCA) reporting. In case these apply to you, specify relevant codes in the appropriate space under Line 4. For rules concerning such exemptions, you can refer to the instruction section provided below your W9 form.
5. Line 5 – Address
You need to mention here your address details including number, street, apartment, and suite number. This is the address where OnlyFans (requester of Form W9) will mail you your information returns. In case of any change of address, make sure you’re updating this section in your W9 form.
6. Line 6 – City, State, and Zip Code
Line 6 requires your city, state, and ZIP code.
7. Line 7 – Requester’s Name & Address; List Account Number(s) Here (Optional)
Filling out Line 7 is optional and can be left blank. This basically asks you to specify the name and address of the requester of form W9, OnlyFans in this case. You may want to specify these details here for your own convenience, to remember whom you gave your tax information to.
Additionally, you are also asked to list account numbers here. Typically, this space is left empty. However, in some cases, the requester of the form W9 may ask you to fill this space by the number it may have allotted to you in its system in order to identify you as an independent contractor.
II. Part I -Taxpayer Identification Number
Part I of the W9 form requests you to provide your Tax Identification Number (TIN). This number must match Let’s understand what number will you specify in Part I of Form W9. This is one of the most important details that you furnish to OnlyFans, the requester of form W9 in your case.
|In Case You Are a/an||You Must Enter|
|Sole-proprietor||Your Social Security Number (SSN) or Employer Identification Number (if you have one)|
|Single-member LLC disregarded as an entity separate from its owner||Ownner’s SSN or EIN (Enter EIN if the owner has one. Don’t enter the disregarded entity’s EIN here).|
|LLC classified as a Partnership or a Corporation||The Entity’s EIN|
|Resident alien not having SSN or who is not eligible to get SSN||IRS Individual Taxpayer Identification Number (ITIN) is your TIN. You need to enter your ITIN in the SSN box.|
Please note that if you do not have a TIN at the time you are asked to fill out Form W9, you must apply for a TIN. Additionally, you must write “Applied For” in the space where you are required to specify your TIN, sign the form, mention the date, and give it back to the requester (OnlyFans in this case). Putting “Applied For” means that you have applied for your TIN or intend to apply for it soon,
III. Part II – Certification
Part II wants you to certify that the tax information furnished by you is true and correct. Once you check for the correctness and truthfulness of the tax information furnished, you simply need to sign and date the document and send it to OnlyFans. To send the W9 form, scroll toward the end of the form once you put your signature. Click ‘Send’.
When Does OnlyFans Send 1099?
Onlyfans will send you form 1099-NEC if you have earned a minimum of $600 through your OnlyFans account in payouts. The Form 1099-NEC is sent in January to the mailing address as mentioned in your OnlyFans W9 until December 31st of the last year. The Form 1099-NEC is also electronically available in the ‘Add Bank’ section of your account.
How to get OnlyFans 1099 Online?
The OnlyFans 1099 form is available for down in the ‘Add Bank’ section of your OnlyFans account.
Does OnlyFans Pay Taxes?
No. OnlyFans does not pay taxes on behalf of the Creators. As an OnlyFans creator, you are responsible for paying taxes on the income you earn from OnlyFans. OnlyFans will simply communicate the income realized by the Creators on the OnlyFans platform through Form 1099 NEC.
In 2020, IRS Form 1099 NEC for businesses to report payments made to independent contractors, freelancers, sole proprietors, and self-employed individuals. Before the year 2020, businesses were required to report non-employee compensation in box 7 of Form 1099-MISC.
Note that the IRS requires persons in a trade or a business to report payment information every year in order to encourage compliance with tax laws.
Accordingly, OnlyFans must file an information return with the IRS through Form 1099-NEC providing information identifying the payer (onlyFans), the payee (Creators), and the total non-employee compensation amount paid to that payee over the past calendar year.
The OnlyFans will file the information return to the IRS only if the total amount of payments made to an OnlyFans Creator over a year equals at least $600.
Further, OnlyFans will send a copy of this Information Return to the Creators. OnlyFans Creators may receive a copy of Form 1099-NEC from OnlyFans no later than January 31 of the year following the calendar year in which OnlyFans made payments to them.
OnlyFans Form W9: Taxpayer Information Return
Now to file the information return through Form 1099-NEC with the IRS, note that it is the obligation of OnlyFans as an entity to request accurate taxpayer information including name, address, and tax identification number (TIN) from the OnlyFans Creators through Form W-9. The purpose of obtaining such information from OnlyFans Creators is to verify such information for reporting payments made to the Creators during the last calendar year through Form 1099-NEC.
To request information from U.S. persons, OnlyFans may use Form W-9. Thus, when you join OnlyFans as a Creator, it will require you to complete the W9 Form.
In case OnlyFans Creators do not provide a taxpayer identification number, OnlyFans is generally required to collect backup withholding at the rate of 24% from payments due to the Creators at the applicable backup withholding rate. Further OnlyFans Creators will be subject to a penalty of $50 for each failure to provide the correct taxpayer identification number to OnlyFans. To avoid backup withholding on payments, the OnlyFans Creators are required to give OnlyFans the correct TIN.
What is OnlyFans W2?
Many OnlyFans Creators have been questioning recently that is there a need for them to file OnlyFans W2 Form. Well, in this section, we will let you know what is Form W2 and do you need to file W2 as an OnlyFans Creator.
If you are a Creator on OnlyFans, there is no need for you to file W2 as you are a self-employed person. Note that OnlyFans Creators work as independent contractors for the OnlyFans platform. As a result, they need to complete Form W9 in place of Form W2.
As mentioned earlier, Form W-9 is a Request for Taxpayer Identification Number and Certification form. Any US business making payments to independent contractors for providing services to the business entity may request such contractors to complete this form. The purpose of using Form W9 is to obtain and verify the taxpayer’s name, address, and Taxpayer Identification Number (TIN) to file an information return with the IRS.
Since OnlyFans is a business entity making payments to Creators for providing their services to OnlyFans, OnlyFans requests all of its Creators to fill out and complete Form W9.
Form W2 is an IRS Tax Form that every employer engaged in a trade or business and paying remuneration to employees for services provided by them files at the end of each year for each of its employees.
This Form is a Wage and Tax Statement that reports employees’ annual wages and the amount of taxes withheld from their pay. That is, it reports the income employees earned during the last calendar year; the total Social Security Tax, Medicare (health insurance) Tax, income tax withheld; and 401(k) contributions.
Each year, the employers issue W-2 slips to their employees. The employer must send Copy A of Form W-2 (Wage and Tax Statement) to Social Security to report the wages and taxes of your employees for the previous calendar year. Copy B of Forms W-2 is sent to Internal Revenue Service (IRS) along with the employee’s Federal Tax Return. Whereas, Copy C of Form W2 is sent to the employees. The employees must keep Copy C of Form W-2 for at least 3 years after the due date for filing their income tax return. Finally, the Copy D of Form W2 is kept by the employer himself.
Thus, Form W-2 is only used for regular employees. This means if you are a regular employee working with OnlyFans, then OnlyFans will request you to complete this Form.
But if you are a Creator on OnlyFans, then you are not working with OnlyFans as a regular employee. Rather, you work as an independent contractor for OnlyFans. Thus, as an OnlyFans Creator, you are required to complete Form W9 in place of Form W2.
Does OnlyFans Give You a W2?
Anyone who works as Content Creator for OnlyFans is self-employed as they work independently and not as employees for OnlyFans. Thus, the Creators do not receive Form W2 from OnlyFans.
As mentioned in the previous section, if you work as a regular employee for OnlyFans, then OnlyFans will send you a W2 before January 31 to report your annual wages, salary, or any other compensation you earn as an employee during the last calendar year. Besides wages and compensation, you also need to report information regarding the federal, state, and local taxes withheld by OnlyFans as an employer and contributions made towards the 401(K) retirement savings plan.
But if you are working as a Content Creator for OnlyFans, then you need to complete Form W9 when you join the OnlyFans platform in order to certify your name, address, and TIN. You need to update your W-9 Form by December 31st of the tax year. After that time, you will receive an IRS Form 1099-NEC from OnlyFans as an OnlyFans Creator in the United States if you have earned and withdrawn more than $600 USD in the previous tax year.
Note that OnlyFans will send the Creators Form 1099-NEC form in the mail to the address mentioned on their W-9 Form. Thus, as Creator, you must update your W9 Form with the new address in case your address changes. This is to ensure that you receive the tax documents at the new address. Creators can download the digital copy of their From 1099-NEC from their Banking page.
Does OnlyFans Count As Self-Employment?
Yes. OnlyFans does count as self-employment. As per IRS, you are self-employed if you satisfy any of the following conditions:
- You carry on a trade or business as a sole proprietor or an independent contractor.
- You are a member of a partnership that carries on a trade or business.
- You are otherwise in business for yourself (including a part-time business or a gig worker).
As a Content Creator for OnlyFans, you satisfy the third condition mentioned above as you are in business for yourself and work as a Gig Worker providing on-demand creative or professional services to the OnlyFans audience.
As per IRS, gig work is a specific activity that you do to earn income often through an application or a website, that is, a digital platform. The activities may include:
- Driving a car for booked rides or deliveries
- Renting out property or part of it
- Running errands or completing tasks
- Selling goods online
- Renting equipment
- Providing creative or professional services
- Providing other temporary, on-demand, or freelance work
Note that the above list is not an exhaustive one and does not include all types of gig work. Further, the term Digital Platform means any business that matches workers’ services or goods with customers through an application or a website. This may include businesses that provide access to:
- Ridesharing services
- Delivery services
- Crafts and handmade item marketplaces
- On-demand labor and repair services
- Property and space rentals
Again, this list is not an exhaustive one and does not include all types of digital platforms. Note that the self-employment income that OnlyFans Creators generate is income that arises from the performance of personal services. Therefore, it cannot be classified as wages as there does not exist an employer-employee relationship between OnlyFans and OnlyFans Creators.
Further, on this income generated through self-employment, the OnlyFans Creators must pay self-employment (SE) tax as well as federal income tax.
SE tax is a Social Security and Medicare tax that individuals working for themselves have to pay. It is similar to the Social Security and Medicare taxes that employers withhold from the pay of regular employees. Note that “self-employment tax” only refers to Social Security and Medicare taxes and not any other tax like income tax.
Whereas, the federal income tax is a pay-as-you-go tax. The OnlyFans Creators must pay federal income tax as they earn or receive income during the year through estimated tax payments every quarter.
What Can You Write Off for OnlyFans?
OnlyFans Content Creators who treat their OnlyFans accounts like a business can deduct certain expenses from their gross income in order to reduce their income tax. For an expense to be deductible, OnlyFans’ expense must be both ordinary and necessary.
As per IRS, an ordinary expense is an expense that is common and accepted in the industry where the taxpayer works. These expenses include rent, utilities, business insurance, Internet fees, phone fees, office supplies costs, etc. Whereas, a necessary expense is one that is helpful and appropriate for the taxpayer’s trade or business. To be considered a necessary expense, it is not mandatory that an expense has to be indispensable.
Therefore, the primary expenses that OnlyFans Content Creators can deduct from their Gross Income include:
- Business Home Office Use
- OnlyFans Platform Fees
- Travel Expenses
- Insurance: Business and Health
- Software and Apps Fees
- Professional Services
- Phone and Internet Fees
- Staging Supplies
- Advertising and Marketing Costs
- Payment Processing Fees
To understand why OnlyFans Content creators can use these expense write-offs, read our article Top 10 OnlyFans Write-Offs for Online Creators.
Does OnlyFans Give You a Tax Form?
Yes. OnlyFans sends IRS Form 1099-NEC to the Creators in the USA if they have earned and withdrawn more than $600 USD in the previous tax year. Note that OnlyFans Creators will receive Form 1099-NEC from OnlyFans only if they earn a minimum of $600 in payouts in the previous tax year.
Further, OnlyFans will send this form to the mailing address of the Creators mentioned on their W9 Tax Form. If Creators change their address, they need to update the new address on their W9 Tax Form in order to receive the tax documents at the new address. The creators have until December 31st of the tax year to update their W-9 forms. After December 31st of the tax year, OnlyFans will file Form 1099-NEC with the details they have on file.