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Before you can receive a payment from Karat, you need to complete your tax information. This is required by the IRS and helps ensure your payments are reported correctly. You’ll be prompted to complete your tax information the first time you receive a payout. Navigate to Banking > Payments > Receive to get started.

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What you’ll need to provide

The information required depends on whether you are a U.S. or international recipient.
If you are based in the United States, you’ll complete a W-9 form. You’ll need to provide:
  • Legal first and last name
  • Date of birth
  • Tax classification (individual/sole proprietor, LLC, C corporation, S corporation, partnership, or trust/estate)
  • SSN or EIN depending on your tax classification
  • Address (personal address for sole proprietors, business address for other entity types)
For LLCs and other entities, you may also need to provide your business name, DBA, date of incorporation, and business vertical.
If you are an individual based outside the United States, you’ll complete a W-8BEN form. You’ll need to provide:
  • Full legal name
  • Date of birth
  • Country of citizenship
  • Permanent address (your residential address outside the U.S.)
  • Mailing address (if different from your permanent address)
  • Tax ID type and number (foreign tax ID, U.S. tax ID, or indicate that one is not required)
If you are an international business entity, you’ll complete a W-8BEN-E form. You’ll need to provide:
  • Date of birth (of the individual completing the form)
  • Entity and business details (collected through a separate form)

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Steps to complete your tax information

  1. Select whether you are receiving the payment as an individual or a business, and whether you are based in the United States or internationally
  2. Fill in your personal and tax details, including your date of birth and address
  3. Wait for your information to be verified — this may take a minute
  4. Review your submitted information and sign electronically by typing your full name and checking the certification boxes
Once your tax information is approved, you can proceed to set up your payout method and confirm payment details.

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Updating your tax information

If your personal details change (such as your address or legal name), you may need to resubmit your tax information. Updated details are used for future tax form generation. Changes to your date of birth, address, or tax ID will trigger an updated tax form. Karat is a financial technology company, not a bank. Banking services provided by Grasshopper Bank, N.A., Member FDIC. The Karat Visa® Business Credit Card is issued by Cross River Bank, Member FDIC, and pursuant to a license from Visa️ USA.