Discover More Information About ITIN Loans

Individual Tax Identification Number (ITIN) loans are for people who are not eligible for Social Security Numbers. ITINs are issued to both resident and nonresident aliens for tax-reporting purposes.

In general, ITINs are assigned by the IRS to individuals who are required to have a Tax Identification Number but are not eligible to receive a Social Security Number (SSN) from the Social Security Administration (SSA) or other forms of identification.

You may need an ITIN if you are a:

• U.S. resident alien (based on days present in the United States) filing a U.S. tax return and are not eligible to receive a Social Security Number
• Non-resident alien filing a tax return and are not eligible to receive a Social Security Number
• Dependent or spouse of a U.S. citizen or resident alien
• Dependent of a spouse of a non-resident alien visa holder

You can receive an ITIN regardless of your immigration status in the U.S. because both resident and nonresident individuals may have U.S. tax returns and payment responsibilities. Basically, if you don’t have an exception to file taxes in the U.S. and don’t have a social security number, you can receive a ITIN from the IRS.

Individual Taxpayer Identification Number (ITIN)
Not everyone qualifies for a SSN. For example, you might not qualify if you are not a United States citizen or if you do not meet certain government requirements such as the dependent test. Those who do meet the requirements are able to obtain an ITIN by completing a Form W-7, as well as completing supplemental documents that help with the confirmation of being a nonresident in the U.S.

Social Security Number (SSN)
Most likely, you already have a basic understanding of Tax Identification Numbers if you are familiar with the concept of Social Security Numbers. They are the most common forms of TIN and are frequently applied for by parents on behalf of their children for the purpose of income taxes. This process is often free, but it can include certain fees for new parents in which they use a SSN to claim the child as a dependent.

Employer Identification Number (EIN)
You may have also heard of an EIN. EINs are used by employers, sole proprietors, corporations, LLCs, partnerships, nonprofit associations, trusts, estates of decedents, government agencies, certain individuals, and other business entities. Companies use an EIN number for identification when paying taxes. This number does not apply to you for the purposes of obtaining a home mortgage. However, in the future, it may be beneficial to obtain an EIN.

Without one, you cannot:

• Protect your personal assets such as your home
• Start a business
• Set up a retirement account

Adoption Taxpayer Identification Number
An Adoption Taxpayer Identification Number is used as a temporary number for a child with adoptive parents who cannot obtain a Social Security Number.

Preparer Tax Identification Number (PTIN)
This is an identification number that a paid tax return preparer uses when preparing U.S. federal tax returns or claims that are to be submitted to the IRS. If you have someone who prepares a substantial portion of your tax return for you and charges you a fee, they must receive a PTIN from the IRS.