Fidelity Investments: Tin Number Explained

If you are a Fidelity Investments customer, you may need to update your Tax Identification Number (TIN) or Social Security Number (SSN) to ensure that your tax status is correct. This is important because if your information doesn't match what the IRS has on file, Fidelity is required to withhold 24% of the proceeds when you sell securities or receive dividends, interest, or other income. You may also be subject to penalties. You can update your TIN or SSN online or by filling out a Substitute Form W-9.

Updating your SSN/TIN certification online

To update your SSN/TIN certification online, log in to your Fidelity account and follow these steps:

Step 1:

Go to the "Update Accounts/Features" section and select "SSN/TIN Certification".

Step 2:

On the "SSN/TIN Certification" page, select "Complete Your SSN/TIN Certification Online".

Step 3:

Choose the accounts that will be affected by this update. If you are updating your SSN/TIN due to a change in your life situation, such as a divorce or inheritance, make sure to select the appropriate accounts.

Step 4:

Review the information you have provided and ensure it is accurate. Agree to the terms and submit your request.

Step 5:

Fidelity will review your information, verify the update, and complete the certification. This process typically takes 3 business days.

Step 6:

You will receive a confirmation once the update is complete. If you have chosen eDelivery, you will receive the confirmation within 1-2 business days via email. If you have not selected eDelivery, you will receive a confirmation by U.S. Mail within 3-5 business days.

Please note that it is important to ensure that Fidelity has the correct information for your accounts. If your SSN or TIN is incorrect or needs to be updated, you can change and certify it online in most cases. However, if you are subject to backup withholding, have received a notification from the IRS, or have any other questions about your SSN or TIN certification, you can contact Fidelity at 800-343-3548.

Downloading and completing the Substitute Form W-9

To download the Substitute Form W-9, go to the SSN/TIN Certification page on the Fidelity website. From here, you can choose to complete your certification online or download and complete the form manually. To download the form, simply click on the "Taxpayer ID (Substitute Form W-9) (PDF)" link.

Once you have downloaded the form, you will need to complete it. The form will ask for your personal information, such as your name, address, and Social Security Number or Taxpayer Identification Number. It is important to ensure that the information you provide on the form matches the information that the IRS has on file for you.

If you are completing the form manually, you will need to print it out and fill it in by hand. Be sure to write clearly and legibly, and provide all the required information. Once you have completed the form, you will need to submit it to Fidelity for processing.

It is important to note that if you are a non-resident alien or a foreign entity, you may need to complete a different form, such as the W-8 form, which can be found on the IRS website. Additionally, if you have any questions or concerns about completing the form, you can contact Fidelity for assistance.

The IRS requirement to certify SSN/TIN

The IRS requires individuals to certify their SSN or TIN to verify their US tax status. If you have been notified that your taxpayer information is incomplete or inaccurate, you must complete the Substitute Form W-9 to certify your SSN or TIN. This form is necessary to ensure that your records match what the IRS has on file. If there is a discrepancy, the IRS mandates that Fidelity withhold 24% of the proceeds when you sell securities or receive dividends, interest, or other income. You may also be subject to penalties.

To update your SSN or TIN, you can either change it online or by downloading and completing specific forms. Online, you can select "SSN/TIN Certification" and then "Complete Your SSN/TIN Certification Online." You will then need to choose the accounts affected by the update, agree to the terms, and submit your request. If you opt to download and complete the forms, you can fill out the Taxpayer ID (Substitute Form W-9) (PDF) or the Taxpayer ID Certification - Annuities (Substitute Form W-9) (PDF). These forms are available on the Fidelity website.

It is important to note that if you are a non-resident alien or a foreign entity, you may need to fill out a different form, the W-8, which can be found on the IRS website. Additionally, the SSN is issued by the Social Security Administration (SSA), while all other TINs, such as the ITIN, ATIN, and PTIN, are issued by the IRS. The SSN and TIN are both used for tax purposes, with the SSN being used more broadly for identification and employment eligibility.

The consequences of inaccurate SSN/TIN information

The Internal Revenue Service (IRS) requires individuals to certify their SSN or TIN to verify their US tax status. If the information doesn't match what the IRS has on file, there can be several consequences. Firstly, the IRS requires Fidelity to withhold 24% of the proceeds when the individual sells a security or receives dividends, interest, or other income. This means that the individual will not receive the full amount they are entitled to, and their income will be reduced. In addition, the individual may also be subject to penalties, which can result in additional financial burdens.

Moreover, inaccurate SSN/TIN information can impact an individual's ability to secure legal employment in the US. Employers require an SSN from anyone applying for a job to ensure that the individual is authorized to work in the country. If the provided SSN is incorrect or invalid, it could lead to difficulties in obtaining employment.

Inaccurate SSN/TIN information can also affect an individual's ability to obtain credit. Banks and other lenders require SSNs on credit applications, and this information is relayed to credit bureaus to ensure the correct person is applying for credit. If the SSN is inaccurate, it could result in difficulties in obtaining loans, mortgages, or other financial services.

Furthermore, SSN/TIN information is crucial for tax filing purposes. Tax filers must include their TIN on tax-related documents and when claiming benefits. If the information is inaccurate, it can lead to issues with tax returns and potential delays in receiving tax refunds or benefits.

To avoid these consequences, it is essential for individuals to ensure that their SSN or TIN information is accurate and up-to-date. This can be done by updating and certifying the information with Fidelity and the IRS, and by regularly reviewing their personal information to ensure its accuracy.

Contacting Fidelity for SSN/TIN support

If you need to contact Fidelity for support with your SSN/TIN, there are a few options available to you. Firstly, it's important to ensure that your Social Security Number (SSN) or Taxpayer ID Number (TIN) is correct and up to date. If it needs to be updated, you may be able to change and certify it online.

To do this, go to the "Update Accounts/Features" section of your Fidelity account and select "SSN/TIN Certification". On the subsequent page, select "Complete Your SSN/TIN Certification Online". You will then need to choose the accounts that are affected by the update. Once you've completed the online steps, agree to the terms and submit your request.

After you've submitted your request, Fidelity will review your information. Once they have verified the update, they will complete the certification, and your updated SSN or TIN will appear on all the accounts you've chosen within 3 business days. If you've opted for eDelivery, you'll receive a confirmation within 1-2 business days. If not, you'll receive a confirmation by U.S. Mail within 3-5 business days.

However, if you are subject to backup withholding, have received a notification from the IRS, or have any other questions about your SSN or TIN certification, it's recommended that you call Fidelity at 800-343-3548. You can also chat with a representative online.

It's worth noting that if you've been notified that your taxpayer information is incomplete or inaccurate, you'll need to complete the Substitute Form W-9 to certify your SSN or TIN. This is because the IRS requires you to certify your SSN or TIN to verify your U.S. tax status. If the information provided doesn't match what the IRS has on file, Fidelity is mandated to withhold 24% of the proceeds when you sell a security or receive dividends, interest, or other income. You may also be subject to penalties.

Frequently asked questions