Extra, Extra, time to renew your ITIN!
Is your ITIN set to expire?
9XX-73-NNNN or 9XX-75-NNNN – Does your ITIN look like this? It may be expiring on Dec 31 2018 .
All ITINs issued before 2013 with middle digits of 73, 74, 75, 76, 77, 81, or 82 (Example: (9XX-73-XXXX) are set to expire on December 31, 2018. Additionally, unused ITIN (not used on a federal tax return at least once in the last 3 years) will also expire.
Do not wait to receive a nastygram – if you utilize an ITIN on your returns (for yourself or dependents), it’s time to renew – notify your tax preparer to file Form W-7 for you.
What is an ITIN and do you need one?
If you don’t have an SSN and are not eligible to receive one, you need an ITIN to file a tax return in the US (it is how the IRS identifies you or your spouse/dependent) As noted above, millions of ITINS expire each year and must be renewed with the IRS. Renewal is done by filing form W-7. If you have an SSN, you do not need an ITIN. However, your dependents may require an ITIN.
Note, last year’s tax reform has potential credits available to dependents without a SSN, but with an ITIN.
Whole Story at TFX.