After getting the visa in the US, we need a security tax number to pay the taxes in the US. For this reason, ITIN(individual taxation identification number) works for us. It processes tax returns and other payments. Besides this, SSN is granted to US residents and citizens so that the government can find out how much the person has earned and for working time.
If a person is ineligible to get his SSN, he gets ITIN for tax processes because he can’t continue using both SSN and ITIN at a time. What if he gets the SSN and can still pay the tax by ITIN? If they can’t use both, people usually ask how to surrender ITIN after getting SSN. Once the person receives his SSN, all the previous data of his tax and payments are transferred to the SSN.
Should I Cancel ITIN After Getting SSN?
Yes, you must cancel your ITIN after getting the SSN before it’s too late. It’s because when a person can’t have both SSN and ITIN at a time. It is against the rules. So as soon as the person gets his SSN, he must inform IRS(Internal Revenue Service) about this. When he tells the IRS, it will take their step to convert all the previous taxes and payments to the SSN. But if he doesn’t inform them, it will be his responsibility.
The person would bare serious consequences; for instance, he will lose all of the previous payments data, and the refund due will be reduced.
How To Surrender ITIN After Getting SSN?
After getting the SSN, the immigrant will inform the IRS immediately. The process to surrender ITIN is as follows.
- First of all, he will visit the nearby IRS office in the country.
- He will write a letter to the IRS describing that he has been granted the SSN, and now he wants his previous payments records to be combined.
- The following things must be given in the letter,
Complete name.
Mailing Address.
ITIN.
Social Security Card.
CP 565 copy.
And Notice of ITIN if he has.
- The sign and dates should be correct.
- Mail the letter to the Internal Revenue Service.
Austin, TX 73301-0057
- After that, the IRS will clear the ITIN and combine the previous data with SSN.
How Long Does It Take For IRS To Change ITIN To SSN?
Once the person notifies the IRS about SSN achievement, IRS starts processing the request. The time taken by IRS to combine ITIN’s data with the SSN depends on the circumstances. So we can say that in 2020, IRS used to take about 8 to 12 weeks.
It was the time of the onset of covid, so there was a staff shortage. This was the reason for the possible increase in processing time. Moreover, we can contact the IRS call center to check out the status details.
Transfer Earnings To New Social Security:
Transfer of past earnings is also crucial. The social security administration does this task. So the person will contact the social security administration for transferring his previous to new social security.
He has to collect all the forms of previous wages as W-2 with tax returns. Submit all these forms to the social security administration. The administration will process these documents and transfer all the earnings to the new security. This process will possibly take about a month.
Amending Previous Years(filed with itin) After Obtaining SSN:
Amending past years after getting SSN is possible. Many people are confused about how they can claim for EIC, which he couldn’t get because of ITIN limitations. First of all, after filing for the return, individuals can apply for the amended return also.
An amended return is filed on Form 1040X for the return of individual income tax. This process is basically for claiming EIC. Most people regard this process as quite a simple one. Because it’s just filing the 1040x form with changes, the individual must explain his concern on the field where he will write an amending return with SSN to claim EIC.
Change ITIN To SSN For Stimulus Check ITIN Number:
For the stimulus check, firstly, we will have to change ITIN to SSN by filing form SS-5. We will apply and take out documents to the SS office and write a letter to the IRS.
Individuals who are retired, disabled, or using supplemental income are also eligible for the stimulus check. According to AARP, people with less income will now receive a check of $12. Moreover, People with a payment of more than $90,000 will not get any checks.
Frequently Asked Questions.
Can I Cancel My ITIN?
You can cancel your item by sending the Letter to IRS with some forms. In the letter, you will inform about your SSN.
How will you modify a tax return for an ITIN to SSN of a spouse?
Once we send the request letter to IRS, it will combine the ITIN details to the SSN. It means the tax return has been modified. Include address, name, and itin along with the letter.
How long does it take to rescind itin?
Although this process normally takes about 8 to 12 weeks, it also depends on the particular situation. We can track the process by the IRS center.
Conclusion:
SSN is crucial for tax payments in the US, but it is the person’s responsibility to inform IRS about getting SSN. Otherwise, he should be ready to face the consequences. If so, one is confused how to surrender ITIN after getting SSN; he should go with the letter to the IRS.