IRS FORM W-9 and FORM 1099-K
FREQUENTLY ASKED QUESTIONS
Form W-9 is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It requests the name, address, and taxpayer identification information of a taxpayer. Form 1099-K specifically reports payments and transactions from online platforms, apps or payment card processors.
Log in to your IMS account and complete Form W-9.
If your gross transactional amount reaches the federal threshold in a calendar year, you’ll receive Form 1099-K from Indianapolis Motor Speedway to use when filing your taxes. For details regarding the federal threshold, visit IRS.gov. The gross transactional amount equals the total amount of your combined sales — meaning the price you sell your tickets for, plus fees and any other amounts related to your ticket sales. If you have made more than the federal threshold, then you will receive a Form 1099-K from Indianapolis Motor Speedway. Learn more about IRS Form 1099-K.
If you have made more than the federal threshold, Form W-9 is required before you receive payout for selling on the Official IMS Ticket Marketplace. You will be asked to complete our secure Form W-9. You will need to provide your name, address, telephone number and Taxpayer Identification Number (this can be a Social Security Number, Individual Taxpayer Identification Number or Employer Identification Number). As a security note, IMS will never ask you to provide this information directly over the telephone or via email.
Log in to your IMS account and submit your taxpayer information on our secure Form W-9 page. Your Form W-9 will be stored within our secure database. For more information regarding the IMS use of this data, please refer to our privacy policy.
For any tax year in which a Form 1099-K is required, IMS will provide a copy of the form sent via email by Jan. 31 of the following year. If your annual gross transactional amount does not exceed the federal thresholds, you will not receive a Form 1099-K for that tax year. If you have any questions about tax reporting or filing, please consult your tax adviser. Learn more about IRS Form 1099-K.
If you have exceeded the Federal threshold for the previous year, IMS will send you a link to complete a Form W-9. If you do not exceed the annual Federal threshold, you will not be asked to complete the Form W-9 nor will you receive a Form 1099-K. Learn more about IRS Form 1099-K.
When we refer to the “gross transactional amount,” that is the total value of your sale(s). This total value includes the price you sold your tickets for, plus fees and any other amounts related to your ticket sales. As a note, the gross transactional amount will be greater than your total seller payout.
If you are not a U.S. citizen or resident, you may not be subject to reporting or withholding requirements. Please refer to the IRS site for more information.
Corporations are subject to withholding thresholds and Form 1099-K reporting. Learn more about IRS Form 1099-K.
Receiving a Form 1099-K does not automatically mean you will owe taxes on the reported amount. If you have any questions about tax reporting or filing, please consult with your tax adviser. Learn more about IRS Form 1099-K.
Yes, if your gross transactional amount has exceeded the federal threshold within the calendar year, completion of Form W-9 is required to be eligible to receive payouts.
No, if your gross transactional amount has not exceeded the federal threshold within the calendar year.