Overall, an ITIN can provide important benefits for individuals who need to pay taxes but are not eligible for an SSN. By obtaining an ITIN, individuals can fulfill their tax obligations and access financial services.
Taxes: IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers.
Life Insurance: Individuals with an Individual Taxpayer Identification Number (ITIN) can typically purchase life insurance. Life insurance companies generally require applicants to provide a taxpayer identification number in order to apply for coverage, and an ITIN can serve as an alternative to a Social Security number (SSN).
Opening Bank Accounts: With an ITIN, individuals can open bank accounts and establish credit histories, which can be important for accessing financial services and building a stable financial future.
Applying for Mortgages: Individuals with ITINs may be able to qualify for certain types of mortgages, allowing them to purchase a home and build equity over time.
Build Credit: I.T.I.N holders can apply for credit cards giving the opportunity to establish credit.
PRIVILEGED DRIVERS LICENSE
Privileged Drivers License: While an ITIN does not provide any direct benefits for obtaining a privileged driver's license, it can help individuals establish their identity and residency, which may be helpful in obtaining a driver's license in some states. It is important to check with the specific DMV in your state to determine the requirements for obtaining a privileged driver's license, as these requirements can vary depending on the state and individual circumstances.