Get ITIN Number & Understand Your Tax Documents

So you have to file taxes this year, and get ITIN number? Do you know what documents are required for this? These include your W2s, 1099s, mortgage form from your lender, the 1040 form and some others as well, which may vary with your individual situation. If you want to do taxes right, underrating these documents is really important. Here is a quick review of all the main forms.

To Get ITIN Number You Need The 1040 Form

This is the main tax return form. Available in three different versions which are the 1040A, 1040EZ and the standard 1040, every tax payer must file his taxes using this form. In each situation, a different form is applicable. As an example, if your tax situation is simple and you have no deductions and credits to take other than the |Earned Income Credit, you can file using the 1040EX form. If you are claiming limited deductions, the 1040A form is appropriate, which allows you to claim a limited number of deductions and for complex tax situations, it is the 1040 form.

To Get an ITIN number there is also a 1040X form, which has to be filed if you make a mistake on any of the above forms.

Schedule A

This is the form where you can itemize all your deductions. Only after doing this, will they be used for bringing down your taxes.

The W-2 Form

The w-2 or the Wage and Tax statement is document which your employer will send to you by the end of January. This document details your wages and compensation for that given tax year. It also contains all your personal details and your employer information as well.

If any tax was deducted from your income, that is also mentioned on the form.

1099 Forms

If you get an ITIN number, you will get paid with 1099. Many tax payers regard the 1099 as a single form, but that is not so. It is a complete series of form, which outlines all your investments. The 1099 forms can be divided into a number of forms of which the main ones are 1099B, 1099C, and 1099-Dive. The 1099B form is given by a brokerage house and covers your mutual funds and stocks. The 1099-C form is used when a lender forgives your debt; the IRS regards this as income. The 1099-DIV form mentions the dividends which were paid to you during the year. This form is sent only if your dividends amount to greater than $600.

The W-7 form

The W7 form is required if you are not eligible for Social Security Benefits and do not have a Social Security number. Should this be the case, you need to get ITIN number, which the IRS will use for identification purposes. In order to apply for this number, you have to submit the W7 form along with your tax return.

If you are claiming any dependants who are also not eligible for Social Security benefits, they may also need to get ITIN number. Contact an accountant in this regard, and they will guide you.

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