An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS). People who need a U.S. taxpayer identification number but are unable to receive a Social Security Number (SSN) from the Social Security Administration must acquire an ITIN number for tax purposes.
An ITIN number is composed of 9 digits beginning with “9” and is formatted like an SSN (NNN-NN-NNNN). U.S. residents or non-citizens must have an ITIN number in accordance with the Revenue Code to file their tax returns.
Do you have citizenship in the United States? Are you a green-card holder? Do you have a Social Security number, or do you qualify to get one? If the answer is no, then you must apply for an ITIN number to file your taxes in the US. Non-resident aliens who do not qualify for an SSN need to apply for an ITIN number. Spouses and dependents of US citizens, and green card holders are also eligible for the identification number.
An IRS-issued ITIN number allows you to be legally identified by the US authorities when you file your taxes. By qualifying, you can claim tax benefits and get a refund of income tax. Some US banks also oblige their customers to possess an ITIN number during the account opening process. Does
Most American Banks demand ways of confirming your name, date of birth, address, and ID number in order to open an account. However, customers with no SSN number are eligible to use their ITIN number in the bank fillings.
Meanwhile, some banks such as Citibank and PNC would accept a passport number and country of issuance, an alien identification card number, or another government-issued ID number to open an account if you don’t have an SSN or ITIN number.
It is possible to apply for an ITIN number at any time during the year. However, in order to avoid situations that may cause governmental fines, it is advised to fill in the requested Form W-7 to obtain an ITIN number within a reasonable time before the anticipated tax date of the tax refund to be made. Penalties may apply if the tax return filed with Form W-7 is submitted beyond the return’s due date.
Yes, ITIN numbers expire after a specific time and require renewal. When a taxpayer’s ITIN number expires and isn’t renewed before submitting their tax return for the next year, they may encounter delays and even lose their qualification for some tax credits.
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