What is an ITIN?

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) to individuals who are required to have a U.S. taxpayer identification number but do not have, and are not eligible to obtain, a Social Security Number (SSN). ITINs are used by individuals without SSNs to comply with U.S. tax laws and to provide tax returns and payments. They are issued regardless of immigration status, because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code. ITINs do not serve any purpose other than federal tax reporting.

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What can I use ITIN for?

An ITIN (Individual Taxpayer Identification Number) is primarily used for federal tax purposes in the United States, but there are other benefits of having an ITIN. Here are some of the specific uses and benefits of having an ITIN:

• Filing Tax Returns: ITINs allow individuals who do not have a Social Security Number (SSN) to file federal tax returns. This is necessary for anyone who earns income in the U.S. and is required to file taxes but is ineligible for an SSN.
• Claiming Tax Benefits: With an ITIN, individuals can claim tax benefits such as the Child Tax Credit (CTC) for qualifying dependents, provided other eligibility requirements are met.
• Opening Bank Accounts: Some banks such as Firstcard accept an ITIN as part of the identification required to open a checking or savings account.
• Earning Interest on Savings: Individuals with an ITIN can open high-yield savings accounts at banks that accept ITINs for account opening. This allows individuals to earn interest on their deposits. If you have an account with Firstcard and have an ITIN number, please contact Firstcard Customer Support Team at support@firstcard.app so you can start earning interest (up to 4.25% APY with Firstcard+ on your deposit) with your Firstcard account.
• Securing Loans: Financial institutions may use an ITIN to process loans and credit applications, enabling individuals to build a credit history.
• Educational Purposes: Universities may require an ITIN for international students who do not qualify for an SSN but need to comply with tax laws regarding scholarships and stipends.

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Earn Up to 4.25% APY with Firstcard Using Your ITIN

For Firstcard customers, having an Individual Taxpayer Identification Number (ITIN) opens the door to earning a remarkable 4.25% Annual Percentage Yield (APY) on their deposits. This high APY offering is designed to help you maximize your savings effortlessly.Here’s how you can start earning:

1. Sign Up for Firstcard: If you're not already a Firstcard customer, sign up for an account.
2. Provide Your ITIN: Once you are a Firstcard customer, simply share your ITIN number with Firstcard Customer Support by emailing yout ITIN to support@firstcard.app
3. Start Earning: After providing your ITIN, your account will be eligible for 1.25% APY if you are a regular Firstcard customer and 4.25% APY if you subscribe to Firstcard+. All you need to do is deposit funds into your Firstcard account and watch your savings grow.

This is a fantastic opportunity to make your money work harder for you. The 4.25% APY offered by Firstcard is significantly higher than the national average, ensuring you get the best return on your savings. Don’t miss out on maximizing your earnings – get your ITIN and start earning today!

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When should I apply for an ITIN?

You can apply for an ITIN any time during the year when you have a filing or reporting requirement. At a minimum, you should complete Form W-7 when you are ready to file your federal income tax return by the return's due date.

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How to get an ITIN?

Step 1: Determine Eligibility. Can I apply for an ITIN?

‍The first step in obtaining an ITIN is to determine whether you need one. You require an ITIN if you:

• Do not have an SSN and are not eligible to get one
• Have a requirement to file a federal tax return
• Are a non-resident alien not eligible for an SSN but need to file a U.S. tax return
• Are a dependent or spouse of a U.S. citizen/resident alien
• Are a dependent or spouse of a non-resident alien visa holder
• Are nonresident alien claiming a tax treaty benefit
• Are nonresident alien student, professor or researcher filing a U.S. tax return or claiming an exception

Step 2: Complete Form W-7

‍To apply for an ITIN, you must complete IRS Form W-7, "Application for IRS Individual Taxpayer Identification Number." The form requires detailed information about your identity and alien status. It is crucial to fill out this form accurately to avoid delays in processing.Here is the Form W-7 and instructions for Form W-7 provided by the IRS.

Step 3: Provide Supporting Documentation

You must provide documents that prove 1) your identity and 2) yourforeign status. The IRS accepts a range of documents, with the most commonly accepted being your passport, which serves as a standalone document (if it includes a date of entry into the U.S., otherwise additional documents may be required). If you don’t have a passport, you can provide a combination of at least two of the following:

• U.S. or foreign driver’s license
• Birth certificate
• Foreign military identification card
• Visa
• U.S. state identification card
• Foreign voter’s registration card
• National identification card (must show photo, name, current address, date of birth, and expiration date)

All documents must be originals or certified copies by the issuing agency. Notarized copies are not acceptable.For more information, read the instructions for Form W-7 provided by the IRS.

Step 4: Submit Your Application

‍You can submit your completed Form W-7 and the supporting documents in one of three ways:

• Mail to the IRS address below or as provided in the Form W-7 instructions

Internal Revenue Service Austin Service Center ITIN Operation P.O. Box 149342 Austin, TX 78714-9342

• Present the application at an IRS walk-in office.
• Process through an Acceptance Agent authorized by the IRS.

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How long does it take to get an ITIN?

Processing times can vary depending on the time of year (tax season may have longer processing times), typically within 7 weeks as stated on the IRS website. Once processed, the IRS will send a letter to your address containing your ITIN.

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Maintaining Your ITIN

Keep in mind that ITINs need to be renewed every few years. ITINs that have not been included on a U.S. federal tax return at least once in the last three consecutive years will expire.

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Final thoughts

Obtaining an ITIN is a critical process for many individuals who are not eligible for an SSN but need to comply with U.S. tax laws. By following these steps, you can ensure they meet the requirements, submit their applications accurately, and receive their ITIN to fulfill their tax obligations.