Tweet
What do I need to provide? I only had the family for 3 months and that was over 9 months ago. They are asking for a form from me.
-
-
They should be bringing a W10 form to you to fill out with your EIN or SS# and then sign and date.
The actual amount paid for the year is something you can provide if you have it but is something they should have kept receipts for themselves after each payment.
You can find a blank W10 form here:http://www.irs.gov/pub/irs-pdf/fw10.pdf
Although THEY are the ones who are suppose to bring it to you. Many providers use MMK and they have them with the MMK software nice and tidy for easy printing. -
I provide a statement to families when they leave (or in Jan.) that has total amount paid for the year, my name/address and EIN #. Even being legally unlicensed you need to report your income on your taxes so it is wise to keep a record for every family and total them up at the end of the year to get your income and give them each a statement to show how much they can claim for their child care tax credit. I even make them sign and return one copy of the statement to me to avoid them just making up an amount on their own. I don't trust them to just use their records.Comment
-
Ok so I have found the w10 form and I just give them the grand amount? On a separate paper?Comment
-
The amount isn't listed on the w-10. You can give the amount paid on a separate piece of paper if you wish. It's not required, but can be a good idea, you don't want them to inadvertently list that they paid you more then you claim.
For licensed exempt you can still get a EIN number (so you don't have to give out your social security number). Very simple to take care of this online.
Remember you still get to claim all the same deductions as licensed providers when you are legally licensed exempt!Comment
-
Both signing is a great way to make sure everyone is on the same page, and both parties have it for back up documentation if needed. Hopefully no one is audited and it's never an issue.Comment
-
I did not use a W10, just gave my EIN and the total 2013 payment amount- is that OK? Could I get into trouble for not using the formal document? (I also email them so I have a sort of proof that I gave them the statement along with the final amount.)Comment
-
You are only required to give them that specific form if they provide it for you and ask for it back. Here is Tom Copeland's more detailed answer
Comment
-
I've used my own form for 2 yrs now.Comment
Comment