In accordance with United States tax laws, Medscape is required to send Tax Form 1099 to anyone who has reached or exceeded the $600 claimed (not earned) honorariaremuneration threshold per calendar year. Claimed means you clicked claim and received the Amazon code.
To ensure compliance with United States tax laws, We will require a completed W-9 form as soon as one a United States resident attempts to claim over $500 within a calendar year. Once you reach this threshold and try to claim, you should see a W-9 pop up before it will give you your honoraria/remuneration.
If you did do not claim $600 or more within the a calendar year but completed the W-9 form, you will NOT receive a 1099 and therefore would not need to claim us the Medscape remuneration on your taxes. Members that did claim $600+, your 1099s were mailed 1/27/2021.
When claiming your gift cards through Medscape, you will automatically see a W-9 pop when applicable. All you need to do is complete the form and you will be able to collect your gift card after completing.
For those residing outside of the United States, you will need to complete a W-8 Form.
You must complete a Form W-8BEN to the withholding agent or payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding, or if you are an account holder of an FFI documenting yourself as a nonresident alien. If you are the single owner of a disregarded entity, you are considered the beneficial owner of income received by the disregarded entity. Submit Form W-8BEN when requested by the withholding agent, payer, or FFI whether or not you are claiming a reduced rate of, or exemption from, withholding.
You should also provide Form W-8BEN to a payment settlement entity (PSE) requesting this form if you are a foreign individual receiving payments subject to reporting under section 6050W (payment card transactions and third-party network transactions) as a participating payee. However, if the payments are income which is effectively connected to the conduct of a U.S. trade or business, you should instead provide the PSE with a Form W-8ECI.
To read more details go to https://www.irs.gov/pub/irs-pdf/iw8ben.pdf