What is the ITIN?
The ITIN stands for Individual Taxpayer Identification Number. This number is issued by the Internal Revenue Service (IRS) and is used for tax filing purposes in the United States.
The ITIN is an option available to those who do not meet the requirements to obtain a Social Security Number (SSN) issued by the Social Security Administration (SSA).
What is the ITIN for?
The ITIN is primarily used to help you comply with tax laws in the United States. It is an alternative to obtaining a tax identification number when the requirements for obtaining an SSN are not met.
With an ITIN, you can process your tax returns and make the corresponding payments, regardless of whether you are a resident or non-resident of the United States. This is because both non-residents and resident aliens must file tax returns or information reports, regardless of their immigration status.
It is important to note that the ITIN does not authorize you to work in the country, entitle you to Social Security benefits, or qualify dependents for the earned income credit.
How does it benefit foreigners in applying for credit in the United States?
The ITIN can be used by foreigners in the application for credit in the United States. By having an ITIN, you can establish a credit history in the country, which is important for accessing loans, credit cards and other financial services.
Many financial institutions in the United States accept the ITIN as a form of identification to open bank accounts and apply for credit. By using the ITIN on your applications, you can demonstrate your ability to pay and establish a strong credit history in the country.
How do you apply for the ITIN?
The ITIN application process is not very complicated and can be done at any time of the year. To apply, you will need to provide proof of identity and proof of foreign nationality or residence in the United States.
At NUMA we offer the ITIN Application service. Once requested, it can take anywhere from 4 to 20 weeks to be issued by the IRS. To keep the ITIN active, it is important to present the income statement every year (even if taxes are not applied to you) and thus keep it valid.
If you want to contract our ITIN service, click here.
