The IRS considers a Tax Identification Number (TIN) as incorrect if either the name or number shown on your membership does not match the name and number combination in their files or the files of the Social Security Administration (SSA).
For an individual, the TIN is your social security number (SSN). Often, a TIN does not match IRS records because a name has changed through marriage, divorce, adoption, etc., and the change has not been reported to SSA, so it has not been recorded in the SSA’s files. Sometimes a membership does not have the owner's correct SSN. For example, an account in a child’s name may reflect a parent’s SSN, (accounts should be in the name and SSN/TIN of the actual owner).
For non-individuals (such as trusts, estates, partnerships, and similar entities) the TIN is the employer identification number (EIN). The EIN on your account may be incorrect because it does not contain the number of the actual owner of the account. For example, an account of an investment club or bowling league should reflect the organization’s own EIN and name, rather than the SSN of a member.
Update Your Tax Information
Tax information must match, or your accounts with Nusenda Credit Union could be subject to IRS-imposed federal tax withholding.
For your convenience, we have created a secure place where you can update your tax information by completing a substitute IRS Form W-9. This enables you to submit your tax information electronically and reduces the frustration that often comes with paper filing.
Updates are only necessary for members who received a compliance notification regarding a discrepancy with their account information. If you have not received a notification, there is no need to act.
Should you have additional questions regarding requirements, please contact us at 505-889-2527.