What is an ITIN Number? The Tax Payer Identification Number (ITIN) is a number used by the IRS to ensure that everyone – even the unauthorized immigrants – pay taxes. That also goes for people who do not have a Social Security number. And it applies to all no matter what their immigration status is.
Because of the ITINs, the IRS can rake in billions of dollars that the federal government would have no other way of collecting. On the taxpayer’s side, the ITIN opens up many facilities that they couldn’t avail otherwise.
In short, to apply for it, applicants fill out Form W-7, attach their completed tax return, and send it to the IRS. The good thing about this ITIN process is that you don’t have to apply in person. And once the IRS approves it, they will send your ITIN to you via the mail.
Now that you know What is a Tax Payer Identification Number is and how to get it, it is time to understand its importance. The ITIN will let you build credit, which is something that most immigrants don’t have when they first enter the US. Ask Attorney Eric Price, and he’ll tell you why building credit is essential for not just a prosperous life in the US but also for change of status, status adjustment, and other things. Find out all reasons by dialing 855.662.2772.
Why Is Building Credit Important?
Immigrant credit score remains zero for an individual who doesn’t have a credit history. What’s more, without one, you will find it almost impossible to get a credit card, buy a car, rent a house, or get a loan. Even buying a cell phone to call back home can be difficult for some immigrant students! In a nutshell, that is why building credit is so important.
Moreover, in reference to trump public charge rule, not having a good FICO score can push your name down – or even off – the list of immigrants who’ll eventually become US citizens. Would you want to take that risk?
Do I need To File a Tax Return?
Any non-citizen who has permission to work in the US is also subject to the same income tax laws – both federal and state — as citizens. Whether you are a resident alien, i.e., have a green card that authorizes you to live in and work in the US permanently, or non-resident alien, you must file your taxes.
How to Apply for an ITIN (Form W7)
Now that you know What is Form W7 is for, let us look at how to apply for one. As an immigrant worker who cannot get an SSN, you must make do with the ITIN. Filing Form W7 along with certain documents can get you that number.
You may apply for it in these ways:
Expect the whole thing to take 4 weeks when you send in your completed W7 and other documents via mail to the IRS.
With An In-Person Agent
You can ask a professional whom the IRS authorizes to accept the form too. This approach does require you to go in person, but it also means you won’t be mailing a bulky page. To locate these professionals, go to the IRS website and search for acceptance agent program.
At an In-Person Assistance Center
The same is true for these centers. You go yourself and don’t have to mail anything, like proof of identity or foreign status. Remember to book an appointment at an IRS Taxpayer Assistance Center first. You can find their locations on the IRS site as well.
Finally, you also have the option of W7 Form Online Submission.
What Documents Do I Need To Apply For An ITIN?
Regardless of which way of application you choose, the IRS Form IRS W7 Instructions mandate that you include the following documents along with it:
- National identification card
- USCIS photo identification
- Driver’s license for use within the US
- Foreign military identification/voter’s registration card
- Civil birth certificate if you’re 18 and thus, a dependent
- Medical records for dependents who are younger than six
- School records for dependents who are between 14-18
What Happens After I Receive My ITIN?
After you receive the ITIN, you can use it for various purposes, such as opening an interest-bearing account in a US bank. You may also discover that your state will let you apply for a driver’s license once you have an ITIN. Getting a credit card will let you build your credit history and give you a credit rating/score.
In any case, use it to create a track record that will later convince the USCIS that you have been dwelling in the US. Such a history will be helpful in obtaining temporary/permanent immigration status and provide proof of residency.
Important Reminders about the ITIN
One aspect of the ITIN usage that you’ll need to remember is its validity. If you obtain the number and don’t use it for three years, it expires. In 2020, for instance, the ITINs sent out before 2013, and those that had middle digits of 83-87 will expire. In that case, familiarize yourself with the process of W7 ITIN Renewal.
Contact Attorney Eric Price Today!
Attorney Eric Price places special importance on obtaining ITINs for immigrants. Even though they don’t generate Social Security benefits, these numbers have many other advantages. Some were mentioned above. An IRS W7 Application is also how you can claim refunds on tax overpayments. You can also use it for Child Tax Credits. More importantly, your tax records show that you were present in the US and acted like a responsible potential US citizen. Thus, they will help with green card applications that you might want to send out in future. They prove the strength of your character. And, finally, tax evasion has legal and federal consequences, such as fines and penalties. By acquiring your ITIN, you can avoid that unpleasantness, as well.
Still unsure about How Do I Apply for ITIN? Then email the firm for more details.