All You Need To Know About ITIN Number - The Tax Planet

1. All You Need To Know About ITIN Number – The Tax Planet People often confuse ITIN with social security numbers, but there’s a major difference between the usage of both. Individual Taxpayer Identification Number is similar to social security number. A nine-digit number, but SSN is nothing related to tax returns. Unlike other forms of ID numbers, ITIN helps one in tax and reporting. Whereas, social security number makes you eligible for working in the US and comes in use for providing refunds for low-income filers. What is the ITIN? Individual Taxpayer Identification Number (ITIN) is a tax processing number, that is issued only to immigrants for taxation purposes. It is issued by the Internal Revenue Service (IRS). It is a nine-digit number that always begins with 9 and is only issued to those who are not eligible to apply for a security number (SSN) from the social security administration (SSA). ITIN format: 9xx-xx-xxxx Benefits of ITIN ITIN does not entitle one to work and cannot be employed for any purpose outside the tax policy within the United States. It specifies for taxation purposes such as complying with US tax laws. When the US government does allow you to claim social security benefits as a non-citizen, one can open interest-bearing bank accounts. (You need to check the state laws) Exceptions for the Usage Of ITIN: ITIN cannot be used for: Authorizing work in the U.S. Providing eligibility for Social Security benefits Qualifying a dependent for Earned Income Tax Credit Purposes Get in touch with the best attorney and get tax obligation service hassle-free with The Tax Planet. If you have questions, please contact us via email at“info@thetaxplanet.com” , @+91 9811094733 For more details visit us https://thetaxplanet.com/ Source URL @ https://thetaxplanet.blogspot.com/2021/01/all-you-need-to- know-about-itin-number.html