W9 form

[drenteria86]

I recently withdrew from my bitcoin wallet (bitstamp) and was required to fill out a W9 form in order to receive the money into my bank account. I never had to do that before. Im not very familiar with W9 forms. Can someone tell me if its necessary? Whats the purpose of it? Or is there another bitcoin wallet that doesnt do that?
Thank you in advance.

[veriableodds]

whoever is paying you reports to irs, whoever is paying you is not taking taxes out.
Taxes will have to be paid if it exceeds the irs fringe line once it has exceeded the taxable amount(example: most jobs employers allow you to make up to 1k then it has to be reported, so your first 1k isn't taxed, or does not need reported if its less.

most w-9s are handed out by contractors that hire subs for the work