Has your Individual Taxpayer Identification Number (ITIN) expired (or is about to)?
Here, we outline everything you need to know about Individual Taxpayer Identification Numbers (ITINs) and the renewal process.
What is an Individual Taxpayer Identification Number (ITIN)?
The Individual Taxpayer Identification Number (ITIN) is a tax processing number from the IRS. The IRS provides ITINs to people who are required to have a US taxpayer identification number but who don’t have and aren’t eligible to obtain a Social Security Number from the Social Security Administration.
Individual Taxpayer Identification Numbers doesn’t serve any purpose other than federal tax reporting. It is only used to help people comply with US tax laws, and to provide a means to process and account for tax payments and returns for those not eligible for Social Security numbers.
Do ITINs Need to Be Renewed?
If you need to file a tax return in 2021 and your ITIN has expired (or will expire before you file in 2021), you should submit your renewal application now to prevent any delays in the processing of your return.
ITIN Renewal: Requirements and Process
If your Individual Taxpayer Identification Number has expired (or is about to), you can take care of it by filling out IRS Form W-7. You should submit this form with the necessary documentation, such as your birth certificate, VISA, school records, U.S. driver’s license, foreign driver’s license, etc. to prove your identity and foreign status. The W-7 Form has detailed instructions on the information that’s necessary and how to complete the form.
You have several options to renew your ITIN, including:
- By mail. Send your filled-out Form W-7 by mail, along with all the necessary documents to the IRS. The earlier you send your documents, the more likely you are to avoid any delays.
- By using a Certifying Acceptance Agent. To apply for your ITIN in person, you can use the services of an IRS-accredited Certifying Acceptance Agent (CAA). Working with a CAA means that you don’t have to mail your documents to the IRS. A CAA will authenticate your documents and will check to see if your ITIN application is correct before it is submitted.
- By working with an IRS Taxpayer Assistance Center. Don’t feel comfortable having your original documents mailed? You can avoid this by making an appointment with an IRS Taxpayer Assistance Center. When you make an appointment at the designated center, you will be scheduled for an identity verification in person. Make sure to bring your Form W-7 and all other necessary documents during your appointment.
No matter what option you choose, just make sure that you correctly fill out your IRS Form W-7 and submit all the necessary documents. Otherwise, you’ll have to go through the process again and delay any refund you’ve applied for.
The Bottom Line
Renewing your Individual Taxpayer Identification Number isn’t that difficult. You just need to know how to complete your IRS Form W-7 and where to submit it. As long as you have the necessary documents to prove your status and identity, a renewal shouldn’t be difficult.
Also, make sure to file for renewal as soon as you can! If you don’t, you may experience delays when it comes to receiving your tax returns, and you certainly don’t want that. Hopefully, this article will help you through this process without any issues.
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