How to apply and renew ITIN
An Individual Taxpayer Identification Number or (ITIN) is also known as a PIN, Tax ID or Taxpayer ID and this identification number serves as an individual’s identification number for filing his or her tax returns. Only those who does not qualify for a Social Security Number or the SSN is required to apply for an ITIN.
What is the purpose of an ITIN?
- It allows an individual to file his or her taxes and claim dependents they support in the US, Mexico, or Canada, etc.
- It allows the ID holder to get a refund from his or her income withheld by the IRS.
- It also allows the individual to open a bank account or apply for a mortgage loan.
What are the documents required for an ITIN application?
- An IRS Form W7 – complete the filling up of the form.
Information required for Form W-7:
- Reasons for applying
- Applicant’s full name
- Applicant’s foreign address
- Applicant’s country of citizenship
- Applicant’s mailing address
- Applicant’s date and place of birth
- Information of passport or visa
- Applicant’s signature
- A US federal income tax return (unless you qualify for an exemption).
- An original or a certified proof of identity document.
- Application service is free.
Application can be handed or submitted direct to the IRS centre since you are attaching the Federal tax return. If you do not know how to apply for ITIN, or if help is needed with the application, you can seek the service of a Certified Acceptance Agent if it is available in your area. The authorized agent will verify your supporting documents and submit copies of the relevant documents along with your ITIN application to the IRS for you.
If you have an expired ITIN, it could delay your tax refund. It could also disqualify you from certain tax credits such as the Child Tax Credit and the American Opportunity Tax Credit, until your ITIN is renewed. To find out whether the ITINs of your family members and yours need renewing, you can contact the tax professionals or the Certified Acceptance Agents for any enquires and get your application or renewal quickly processed.
Multiple ITINs for the whole family can be renewed at the same time. Application and renewal can be done when you are ready to file a Federal tax return at the IRS centre or at any of the authorized agent. Late submission of the tax return could cause you to be penalized with an interest.