IRSrecommends checking your ITIN, but what is it? The first thing you need to know is that ITIN stands for Individual Taxpayer Identification Number. If you are a new resident of the USA and you have just started working, this name may sound odd. It is the Internal Revenue Service the one in charge of providing taxpayers with one. It is simply a tax processing number according to IRS.
It is for those workers who need to have a taxpayer number to identify them in the United States. However, these people cannot get a Social Security Number from Social Security. As they are not allowed to get an SSN, from SSA they need ITIN. The main use of ITIN once you get it from the Internal Revenue Service is to meet all the requirements that the different tax laws have in the United States.
It is also a way to make it easier to carry out tax refunds and tax returns. As they cannot obtain an SSN, this is an alternative to identify them. It does not matter what your immigration status is, you can always get one. IRSwarns that having an ITIN is no guarantee for anything else but tax reporting. So you could be a resident or not but you may be required to file taxes.
If you get an ITIN from IRS, do you get any other advantages?
Bear in mind that once IRS gives you an ITIN, it does not allow you to get Social Security benefits. In addition, It does not give you permission to work either. Moreover, you cannot qualify as a dependent for Earned Income Tax Credit Purposes just by having ITIN. If you already have one, and it has expired, you can easily renew it. The first step you need to do is fill in a form. You must send IRS the Form W-7 with all the information required.
This form is an Application for IRS Individual Taxpayer Identification Number. Only those who are not permanent residents or who are not U. S citizens can use it. After completing it fully, you must provide IRS with your US federal tax return. You must always send them original copies or if not they must be certified by the corresponding agency. Moreover, you will have to attach any identification documents as well as other documents they may require during the process.
Apart from those things, you will have to tell IRSwhy you need the ITIN. Once you have sorted everything out, you will have to mail it to IRS. Their mail address is Internal Revenue Service, ITIN Operation, P. O. Box 149342, Austin, TX 78714-9342. If your ITIN has expired but you do not need to file a tax return in 2023, there is no need to renew it. You can do it in the future when you need it.