Time to Renew Your ITIN

An Individual Taxpayer Identification Number (ITIN) is issued by the government to foreign nationals that do not qualify for a social security number (SSN). An ITIN is used for identification purposes to file an income tax return. Many of these ITIN’s will expire on December 31, 2017, as mandated by the Path Act . If you have a social security number this deadline will not affect you. Below is a list of things to be aware of:

* Your ITIN will automatically expire on December 31, 2017, if you have not filed a tax return at least one time in the last three years.

* A new law that generates a “rolling expiration” date for all ITIN’s issued. The main number to look for is in the middle digits. For example; 9xx-XX-xxx. If you have the numbers 70, 71, 72, or 80, your ITIN will expire on December 31, 2017. Last year’s middle numbers were 78 and 79.

* You can renew your ITIN by filling out Form W-7 and having the support documents that are required. It’s important not to wait until the last minute because it will cause your tax return to be rejected and your refund delayed due to an expired ITIN. To learn more about ITIN's visit the irs.gov website.

At Summit CPA we offer multiple resources to assist you with all of your financial needs. Contact our office at (260) 497-9761 to schedule an appointment with our advisors.