The Difference Between ITIN and TIN?
Here is the low down on the difference between ITIN and TIN… ITIN stands for Individual Tax Identification Number and TIN stands for Individual Tax Identification Number. There is no difference between the two. It is all the same thing but just has two different ways to call it. TIN is the more generic term that is overarching TINs for businesses and TINs for individuals. As an individual applying for a mortgage for your home you would use the term ITIN.
The ITIN that you will receive is for individuals only. ITINs cannot be used for business purposes. It is used for tax purposes for people who do not have a social security number. ITINs are for foreign nationals, immigrants, and their spouses.
Advantages Of Filing Taxes And Attaining A TIN
This number provides more opportunities to get a drivers license, identification purposes, obtain a loan,and get a mortgage.
- Proof that you have lived in the United States
- More authentic citizen
- Opportunities to get a cash refund
- You are obeying the law of the United States to pay taxes
- Provides ease when applying for loans and mortgages
- Can help you to apply for citizenship in the future
- Potential ease of opening a bank or credit card
- Best of all you will be establishing credit!
Important Notice To Be Aware Of:
If an individual with an ITIN does not use their number to file for federal taxes for one year of a consecutive five year period, then that number will now expire.
So as long as you use you ITIN for at least one tax return in a five year period then your number will NOT expire