An Particular person Taxpayer Identification Quantity, generally generally known as an ITIN, is a tax processing quantity issued by the Inside Income Service (IRS) to people who will not be eligible for a Social Safety Quantity (SSN). Primarily, an ITIN is used to file U.S. federal earnings tax returns and fulfill a taxpayer’s reporting obligations underneath U.S. regulation.
ITINs play a vital function within the U.S. tax system, enabling non-resident or undocumented people to adjust to their tax obligations. They’re additionally important for accessing sure monetary providers, resembling opening financial institution accounts or acquiring a driver’s license in some states. Traditionally, the introduction of ITINs in 1996 marked a big step in direction of guaranteeing tax equity and selling monetary inclusion for non-SSN holders.
