ITIN Number: Who Needs It and How to Get It?

ITIN (Individual Taxpayer Identification Number) is a nine-digit number issued by the IRS for individuals who are not eligible for a Social Security Number (SSN) but have tax obligations in the US. Foreign investors, foreign nationals with income in the US, and dependents not eligible for SSN need an ITIN. To apply for ITIN, you need to fill out Form W-7 and submit your identity documents (passport, birth certificate, etc.). You can mail the application to the IRS or apply through an authorized Certifying Acceptance Agent (CAA). Using a CAA allows you to apply without having to send your original documents. ITIN processing time typically takes 7-11 weeks. If you have an ITIN, you can file tax returns in the US, open bank accounts, and get a driver's license in some states. However, ITIN does not grant work authorization and does not entitle you to Social Security benefits.