How do I update my Tax Identification Number after receiving an Initial B-Notice?

You should have received an email regarding your tax information with us in regards to your Invest account. The Internal Revenue Service (IRS) notified us that the taxpayer identification number (TIN), usually your Social Security Number, on your account with us does not match its records. This means either your name or number on an account does not match what the Social Security Administration has on file.  

If you do not take appropriate action to correct this problem before November 29th, 2023, the IRS requires DriveWealth, our partner that provides brokerage services for your Invest account, to collect backup withholding on interest, dividends, and certain other payments made to your account. The backup withholding rate is 24%. In addition to backup withholding, you may be subject to a $50 penalty by the IRS for failing to provide your correct name/ TIN combination. To correct your account records and avoid the backup withholding and IRS penalty, follow these steps:

Update through Greenlight’s secure portal

1. Access IRS Form W-9 and complete the fields via DocuSign 
2. Click finish and download a copy of the signed form for your files
3. Greenlight will take care of the rest!

For alternative methods of verification, tap here to learn more. If you need additional assistance, please reach out to our customer service team 24/7 at 888-483-2645 with questions, or call the number on the back of your child’s Greenlight card.