All those beings playing as taxpayers and looking for filing a US tax return, opening a bank account or paying US taxes should have an individual taxpayer identity number, commonly popular as the ITIN number. This is a nine digit number issued by the US Internal Revenue Service for those who haven’t qualified for the Social Security Number (SSN) which emerges the need of an ITIN number. An ITIN is dissimilar to social security number and eventually expires when not being reflected on a tax return for a consecutive period of three odd years. An Irs form w7 is used while applying for an ITIN number.
Are you still interest in collecting details on how to apply for itin? The process is simple and involves certain identification forms, an application and almost a period of fourteen days for the processing done the right way. This process is much similar for a new ITIN registration or renewing the previous one. For making the process much easier, anyone can consult a certified acceptance agent (CAA) who has good knowledge of the department and can serve with useful techniques. A reputed CAA can only help the applicants to keep their documents along rather than sending them to the IRS.
ITIN application procedure –
- Organize documents – Getting documents prepared is the first requirement for having an individual taxpayer identity number. Documents which prove identity of an individual includes US citizenship and immigration service’s photo identification, US military identification card, US driving license, national identification card, foreign driving license, US state identification card, civil birth certificate, foreign voter registration card, school and medical records etc.
- Submit Application – A form w7 is used while submitting the documents to the IRS. The applicant needs to mail the documents along with correctly filled w7 form and the tax return to the Internal Revenue Service. Processing application may take fourteen days.
- Look for a CAA – A certified acceptance agent is a supreme authority of the IRS who gets experiences an experts training and has the role of verifying the ITIN applicants’ documents. This helps the applicant not to send original documents to the IRS as they can get them verified by the CAA. These agents have responsible forums and generate clear updates on the applicant’s documents and ITIN process.
What ITIN makes an Individual eligible for?
Having an ITIN number is necessary and involves plenty of benefits including –
- With an ITIN number you can file your taxes,
- Claim a tax refund on qualifying,
- Proceed for opening a bank account or may appear with a bank loan application,
- Generate tax compilation history, and
- Apply for financial help for your child’s education.
Members who have not used their ITIN number on their tax returns for last three years need to get their ITIN number renewed. The renewal process for an ITIN number is just the same as a new ITIN application. Itin renewal is getting an individual taxpayer identity number for the second time, following the similar process again.