Academic journal article ABA Banking Journal

What's the Status of an "ITIN"?

Academic journal article ABA Banking Journal

What's the Status of an "ITIN"?

Article excerpt

Q. My bank has received a joint loan request to purchase a vehicle. The primary applicant has a Social Security number and credit history. The secondary applicant has an "individual taxpayer identification number" and no credit file. The credit report has a warning, "Number not issued by the Social Security Administration." I was told that an ITIN allows the individual to work in the U.S. I was also told that income is reported to the IRS, and that the individual can file income tax returns--but that it is not a Social Security number. Is this true? Or are we required to have a Social Security number for both applicants?

A. Holders of Individual Taxpayer Identification Numbers (ITINs) are generally non-US-persons who are not required to have a Social Security number. The IRS, not the Social Security Administration, issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers. …

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