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Individuals responsible for the tax reportings need to follow the guidelines to apply for an ITIN

An ITIN is a tax ID number issued by the IRS to all the resident individuals and other foreign nationals who are required to file their federal tax reportings in the US. Individuals apply for an ITIN to receive a legal authorization for executing all their financial activities.

An ITIN is a number that is made available to only the taxpayers who are required to have a legal identification number for the tax purposes in the US but have not yet qualified for a Social Security Number and regardless of their immigration status. Individuals working and earning money can apply for an ITIN to open savings bank accounts, receive mortgage loans and get a refund from their income withheld under the Internal Revenue Service. It is a nine digit number beginning with number nine and usually has a range of 70 to 99 that is used to bring millions of people under the federal tax laws.

The IRS notifies that both the resident and nonresident alien immigrants can have a US filing and reporting requirement. In addition dependant or spouse of a US citizen or resident alien and dependent or spouse of a nonresident visa holder may obtain an ITIN in order to build credit. So does a foreign student, scholar and researcher who are receiving scholarships and stipends can claim for exemption. Also the foreign investors of the US real estate can opt for this tax number to file their federal and state tax returns as well as report the rental income. Individuals must file a valid income tax return while applying for an ITIN. Also, an ITIN application cannot be filed electronically.

An individual who fulfills the eligibility requirements can claim for an ITIN himself or herself. This includes submitting the form W7 that contains a record of all the biographical information with specified types of supporting ID proof containing name, address, birth dates as well as valid original copies of the documents like passports, registration cards, voter cards, driving license, military identification cards, medical, school records of dependants under the age of 18. The applicants can apply directly or take the help of certifying acceptance agent overseas who can assist them with the application process by verifying the authenticity of the documents and mailing them to the office of the IRS for a fee. These authorized agencies also issue a certificate of accuracy to the IRS that the ITIN application has been successfully completed on behalf of the applicants.

There are some other information that has to be fulfilled in order to apply for an ITIN. If any individual has been a resident of more than one country, then he or she should mention the names in the forms. A maximum of names of two countries can be enlisted in all such cases. In case of the dependants under 14 years the respective parents should sign the applications on their behalf. For all other applicants who are above 14Health Fitness Articles, they must sign their applications all by themselves prior to submission. The individuals should submit two of the documents mentioned and at least one document of those two should have their photo. 

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Robin Joe has been working as an accountant for ITIN4ME, who are IRS authorized specialists helping immigrants to apply for an ITIN.



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