We are required by law to make sure members with an open SoFi account that require a W-9, certify their tax status. If you don't certify your tax status, you will be subject to backup withholding on reportable payments (transactions like bonus, interest, dividends, etc. that earn you money). Backup withholding will be taken at a rate of 24%. Once it is applied to a transaction, it cannot be reversed. You can provide your tax certification or additional documentation needed to stop and prevent future withholding. Also, members who are charged backup withholding will need to report the withheld amounts on their federal tax return.