Complete an ITIN application to access loans and submit taxes. An Individual Taxpayer Identification Number is key if you are a business owner, foreigner, or resident of the United States and don’t have a Social Security Administration Number.
What is ITIN Application?
ITIN stands for “Individual Taxpayer Identification Number,” and it’s a federal tax identification number and a tax processing number that the IRS issues. Foreigners use it when they do not meet the requirements to have a social security number SSN and submit a federal tax return.
An ITIN is a nine-digit account number (same as a social security number SSN) that you must request only through the IRS. The ITIN is an issue regardless of immigration status since both residents and foreigners have the tax obligation to file returns and tax payments.
In this post, we’ll explain that you can process an ITIN application step by step and the tax benefits.
There are microlenders for small businesses that accept an ITIN number instead of an SSN when asking for financing.
How to Apply For ITIN Number: 5 Steps
If you wonder how to file ITIN, we will explain all you need to do for ITIN applications step by step.
Step 1: Fill out the ITIN number application form (W-7)
To start, you will use a Form W7 ITIN application:
ITIN Number Requirements
Before filling out your application, you must have at least one of the following ITIN Number requirements: identification card, driver’s license from the US or your country of origin, passport, an official birth certificate for children under 18, ID Card of a US state, visa, American or foreign military card.
To apply for an ITIN number, you must fill out the W-7 form (“Application for IRS Individual Taxpayer Identification Number”). Below, you have available both the English and Spanish (Form W-7SP) versions. Or you can download it on the IRS Official Website too.
This ITIN application form is the first step to request an individual taxpayer identification number.
You must complete all the information requested in the form. If this is the first time you are requesting the ITIN, you must accompany this document with others who may specify the ITIN application form, depending on your case.
Step 2: Include your Federal Income Tax Return
You need to apply for an ITIN to be able to file a tax return as an immigrant in the US. Luckily, you can process both at the same time. When you are ready to file your tax return, first complete Form W-7 as indicated above, then attach your tax return with your application.
If you qualify for one of the exceptions and do not need to file a tax return, send only your ITIN application form and the required documents to prove that you meet the requirements of that exception.
Step 3: Check your identity
To complete your ITIN application, you need to include original documents or certificates that prove your identity as a foreigner, such as those mentioned in step 1.
Checking the identity is essential for the IRS because there’s always the risk that some people provide false data to obtain the ITIN. You must comply with all requirements to be eligible to get it.
Step 4: Submit your ITIN application
You can send your ITIN number application by regular mail, or you can hand it in person.
Since your tax return is only an attachment to your ITIN application, you should not send these two documents to the address indicated on Forms 1040, 1040A, or 1040EZ. Instead, you must send your tax return, your Form W-7, and your proof of identity to this address:
Internal Revenue Service
Austin Service Center
P.O. Box 149342
Austin, TX 78714-9342
If you want to hand in your ITIN application documents in person, you can go to any Taxpayer Assistance Centers (TAC). There, you also can verify the original documents and the certified copies.
In the TAC, the IRS will return the IRS ITIN application documents to you immediately. Keep in mind that the service provided in these centers is by appointment: you can program it by calling your local TAC.
You can’t submit an ITIN application online.
Step 5: Wait for the ITIN to arrive
One of the most frequent questions is, “how long does ITIN take to arrive?” If all the documentation is in order and complete, the time is six weeks.
Discover the top loans available with an ITIN number.
ITIN application status tracking
Maybe it’s been six weeks, and your ITIN number hasn’t arrived. If so, you can call the IRS toll-free at 1-800-829-1040 to ask about your ITIN application status.
Read about 5 Things You Didn’t Know You Could Do with an ITIN Number
Why is it so important to have an ITIN number?
ITIN application is important because it allows undocumented immigrants with no social security number to file their tax returns to comply with federal and state tax laws. Most importantly, it allows undocumented immigrants to create a business entity to earn income in the US and receive business licenses.
This is crucial if you want your small business to be thriving.
Also, if you don’t have a social security number, but you have an ITIN (Individual Taxpayer Identification Number), you can help your business grow with the help of a loan. Not all lenders accept ITIN in their application, but some that truly understand business owners accept it.
You can apply for a business loan with Camino Financial.
Benefits of Having an ITIN
You can pay taxes
Having an ITIN number is a necessary tool if you have to file tax returns.
Without this number, you don’t meet the requirements to file a tax return. This can have serious legal implications: therefore, if you want to declare taxes, and you don’t have a social security number or an ITIN, you must obtain social security as possible. Learn how to verify your EIN number.
You can open a bank account
Although this does not apply to all US states, an ITIN number can facilitate the opening of an account at several banks.
This way, you will have the option to enjoy the advantages of an account, such as saving and starting a business.
You can build a credit history
By having an ITIN number you can apply for loans and credit cards. With this, you can establish a credit history that will benefit you in the future.
With your ITIN, you can also apply for a mortgage loan and ultimately comply with some laws of the United States.
You can apply for a business loan
Keep in mind that most lenders will require a Social Security Number when you apply for a business loan.
But with some lenders, you could get business loans even if you only have an ITIN.
A small business loan can help you grow your business and empower you so you can keep building generational wealth for your family.
Does an ITIN Expire?
The IRS policy states that Individual Taxpayer Identification Numbers will expire if not used on a federal tax return for any year during a period of five consecutive years.
In other words, the IRS will not deactivate your ITIN if you have been using it on at least one tax return in the past five years, and it will remain in effect as long as you continue using it to file US tax returns.
This policy applies to any ITIN, and its purpose is to ensure that anyone who legitimately uses an ITIN for tax purposes can continue to do so.
You can easily reapply using W-7 Form and follow the same process we explained above if you have to activate your ITIN and file a federal tax return. Remember that attached to the ITIN application form; you will have to submit all the required documents again.
Complete an ITIN Application and Grow your Immigrant Business
You can apply for a business loan from Camino Financial even if you don’t have a Social Security Number because we want to help you start or boost your business in the United States.
We are different from the rest!
If you already have your ITIN, don’t wait any longer to grow your business. With Camino Financial you can get loans that are affordable and tailored o your needs. Get an ITIN Loan today!
FAQs On ITIN Application
What Do I Need to Get an Itin Number?
The Internal Revenue Service IRS issues ITINs. If you have a foreign status, you’ll have to submit your documents to the IRS following the simple steps we provide above.
Who Can Apply for ITIN number?
People who haven’t a Social Security Number can apply for an individual taxpayer identification number, including nonresidents and resident aliens.
What Documents Do I Need to Get an Itin Number?
The number of documents you need for an ITIN number application is minimal.
Individual Taxpayer Identification Number application documents:
Where to send the ITIN application?
Send your ITIN application to the following address:
Internal Revenue Service
Is there a fee for getting Taxpayer Identification Number ITIN Application Fee?
Applying for an ITIN is free!
The cost of an ITIN application is zero if you make the process yourself, then you don’t have to pay any fees to submit your IRS ITIN application.
On the other hand, there are agents that will do the whole process for you, but they do charge a fee. How much they charge will depend on the agent.
Can I Apply for an ITIN Number Online?
No, it is not possible to submit an ITIN application online. You require to mail your IRS ITIN application documents to the IRS.
How to File ITIN Form?
How Long Does It Take To Get an Itin Number?
If all your ITIN application documents are in order, the estimated time is six weeks.
Where Can I Get a Business Loan if I Only Have an ITIN?
With Camino Financial! We offer loans to business owners that don’t have an SSN. Our minimum requirements are very easy to meet!