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How to file federal taxes with an ITIN?
The IRS issues the Individual Taxpayer Identification Number to those individuals who don’t have an SSN but work or reside in the U.S and need to file a tax return. The U.S immigrants with legal permission to work or earn income in the U.S. without an SSN can use ITIN to identify themselves while filing tax returns.
If you or your spouse is non-resident alien, you must have an ITIN to file a federal income tax return. Moreover, filing taxes will help you verify the foreign status and claim tax benefits. To file a tax return with an ITIN, you simply need to enter your 9 digits identification number in the space for the social security number on the income tax return form. After completing the return, submit it to the IRS.
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Tax credits with an ITIN
There are certain tax credits that an eligible immigrant and resident alien can claim with an ITIN.
Child Tax Credit or CTC
The Child Tax Credit is a tax benefit for families with kids. The tax assistance is worth up to $3,000 per child. The eligibility to claim CTC depends on your child’s status. You are eligible for the CTC benefit if your qualifying children have an SSN. If you are married, you and your spouse can use their ITIN to claim the tax benefit.
To claim the tax benefit, you simply need to enter your children’s social security number and your ITIN number on Schedule 8812. It’s important to note that the qualifying children are U.S citizens or resident aliens residing in the U.S.
Credit for Other Dependents (OCD)
Families with qualifying relatives in the U.S can claim a non-refundable credit of $500. Qualifying relatives include children above 17 years of age and children with ITIN who qualify for CTC. Besides this, one can claim qualifying relatives who are dependent for tax purposes for credit. OCD credits allow one to reduce income taxes. If one is eligible for OCD and CTC, the former will be applied to reduce your chargeable income.
Recovery Rebate Credit (RRC)
Those qualifying individuals who have not received their third stimulus check or have received less amount can claim Recovery Rebate Credit on ITIN.
Child and Dependent Care Credit (CDCTC)
The Child and Dependent Care Credit is a tax benefit the U.S. government offers to help working families pay caregiving expenses for children or adult dependents.
It is fully refundable and offers a money-back even if the qualifying individual doesn’t owe federal taxes.
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