Who needs an ITIN?
If you are in those basic categories, you might be wondering “What do I need to get an ITIN number?” Luckily, the information about applications is easy to follow if you go step-by-step. What can be a little more challenging is the W-7 application itself. That’s why ITIN W-7 Application provides you with an easy-to-follow list of documents to be submitted for ITIN approval. These documents support the application by verifying vital information for the IRS.
Those who want to investigate ITIN exceptions to see if they need TIN number approval before tax returns are due this year should check out the link. Exceptions allow you to file for an ITIN without a federal income tax return form in the application package. They are important for applicants because they establish the conditions by which first-time applicants can seek numbers when they have not had tax obligations in prior years. Common reasons for exceptions include:
-Passive income, like that provided through owning an LLC
-Students on scholarship or grants
-Individuals with gambling income in the U.S. and no other tax obligation
There are individual requirements and sub-categories to each of these major exception categories, so make sure you review the full list of exceptions at the link.
ITIN Numbers That Need to Be Renewed
Periodically, the IRS purges certain ITIN numbers, leading to their needing to be renewed. For example, on December 31, 2017, all ITINs that were not used for tax returns in 2014, 2015, or 2016 expired, leaving many individuals in a place where they needed to renew an ITIN before the 2017 tax return deadline on April 15, 2018. Similarly, ITINs are regularly retired according to characteristics like the possession of certain numbers in certain locations, and the IRS updates that information regularly.
If it’s time to renew your ITIN, you can get started on the application page.