ITIN or Individual Taxpayer Identification Number is what you would need if you are a nonresident US alien and are obliged to pay the taxes to the federal government. How would you get the ITIN? Let us find it out in the following paragraphs.
What Is ITIN?
Well, we mentioned it earlier.ITIN stands for the Individual Taxpayer Identification Number. ITIN is the tax processing number provided by the Internal Revenues Service.
Who would need an ITIN? Well, for the purposes of identifying the taxpayers, IRS uses their Social Security Numbers. But, if you are someone who does not have a Social Security Number or someone who is not eligible for SSN, ITIN is the information used to identify you as the taxpayer, in case you are obliged to pay federal taxes.
IRS issues ITIN to the taxpayers. The ITINs are issued irrespective of what is your immigration status. The number lets you pay your taxes in accordance with the US tax laws.
Who Needs To Opt For ITIN?
By a standard practice, an individual who has taxpaying obligations in the US, but is not a US resident will need to obtain an ITIN. In fact, if you are someone who needs to comply with the US Tax Payments, but does not have a Social Security Number provided by the Social Security Association.
Here are the basic requirements for obtaining ITIN-
- US Nonresidents who have to pay taxes, but not eligible for SSN.
- US residents who are not eligible for Social Security Number
- Dependent or spouse of a US resident.
- Dependent or spouse of a non resident US visa holder.
Please note that these are a few categories of persons who would need to get the ITIN. The exact cases can be dependent at the discretion of the IRS authorities.
If you want to apply for ITIN, you need to submit Form W7.
What Is W7 Form?
Applying for the IRS ITIN will need you to submit the form W7. Form W7 is the official IRS form meant to be submitted if you are looking to apply for ITIN.
Filing W7 form needs to be accompanied with supporting documents. The basic requirement includes the documents that prove youridentity and the immigration status. The IRS rules accept a host of documents as provided for on the IRS website.
How To Apply For ITIN?
Well, if you are well versed with the concepts, you can file it yourself. However, we would advise you to opt for the authorized acceptance agents who would help you in the preparation of the documentation procedure. Please note that these services are not authorized to provide you the ITIN, but would only aid you in preparing the documentation for the purpose of obtaining the ITIN. The third party designee firms can also help you in setting up all the required documentation and details. In fact, we would advise you to opt for their services to ensure that your application for ITIN is not rejected.
That’s precisely how you can file for your ITIN and take aid from the authorized acceptance agents and third-party designees. We assume that the concise information provided herein should go a long way in ensuring proper documentation and success in getting your ITIN.