W9 tax form help????

Question

I do this website called freepay.com and i get free items like ipod touches, wii's, and I am planning on getting a computer (Macbook), I heard anything over 600 dollars I had to fill out a w9? I am only 14 years old..do I really have to?

Answer 1

You are foolish to participate in this.  IMHO.

If you get something for nothing, then yes, you must fill out the W-9.  EVERY dollar is taxable, not just the amount over $600.  (The $600 cutoff refers to something else.)

Answer 2

Yes, you have to.  And assuming that you are doing some sort of work to earn these prizes, if the stuff you got is worth over $400 for the year you'll owe a little over 14 percent tax on what you get, for self employment tax - so if you got something worth $1000, you'd pay a little over $140 tax for it.  If what you got total for the year was worth over $5450, you'd owe more since you'd owe income tax also