Do You Need an ITIN?

United States law requires that anyone who earns income in the United States, including foreign individuals, must pay tax on that income. Most of the reasons you may need an ITIN revolve around this requirement. Note, if you are eligible for a social security number (SSN), you are not eligible for an ITIN. If you are not eligible for a SSN, you may need an ITIN. Check the list of top 4 reasons you may need one below.

1. Interest Income – Do you have a bank account in the United States that pays you interest on your deposits? If so, you’ll need an ITIN to report that income on a US tax return.
2. Real Estate Investments – Buying and selling real estate in the US can be a tricky endeavor. If you’re a foreigner, you’ll likely need an ITIN to complete the transaction. It’s in your best interest to apply for your ITIN early in the process so as not to delay the transactions.
3. International Students and Faculty – If you’re not eligible for a SSN but receive fellowships, grants, or scholarships, you need an ITIN.
4. Investment Income – If you earn income from investments in the US, you need an ITIN. This could include limited partnership investments, business investments, equity or debt investments, etc.

It’s important to work with a quality team to ensure your application process runs smoothly. Improperly completed applications can create unnecessary headaches for individuals needing ITINs. Our team is fully licensed by the IRS to assist in the process and we can help you get started today. Contact us to learn more!