WHAT HAPPENS TO THE TAX ID WHEN THE SSN IS OBTAINED?
TAX ID OR ITIN NUMBER
Taxpayer Identification Number is an identification number used by the U.S. Internal Revenue Service and is assigned to individuals who are subject to pay taxes with the IRS (Internal Revenue Service).
SSN (SOCIAL SECURITY NUMBER)
A Social Security Number (SSN) is a numerical identifier assigned to U.S. citizens and some residents to track income, determine retirement and disability benefits for the elderly and infirm.
CAN I APPLY FOR SSN IF I HAVE A TAX ID?
Yes, in the first instance, resident and foreign residents apply to the IRS (Internal Revenue Service) for a tax identification number, generally known as Itin or Tax ID (Individual Taxpayer Identification Number) to comply with the tax return. After that, you can apply for a U.S. Social Security Number (SSN) as long as you meet the requirements. If you are deemed eligible to apply, the Social Security Administrative Office will determine if you are eligible to convert from Itin to SSN.
REQUIREMENTS TO APPLY FOR SSN
Evidence of Age:
– Birth Record.
– Religious Registration before age 5 and with date of birth.
Proof of Identity:
– U.S. driver’s license, U.S. state-issued non-driver identity card, or U.S. passport.
– U.S. military ID card.
– Certificate of Naturalization (Citizenship).
– Employee ID card.
The documents must be Originals.
WHAT HAPPENS TO THE ITIN AFTER OBTAINING THE SSN?
After receiving your SSN, you must send a letter to the IRS ITIN Unit requesting rescission (cancellation) of your ITIN. The SSN will become the primary number and must be used for all future filing purposes. The IRS will cancel the ITIN. All previous tax information under the ITIN will be associated with the SSN. Once this is done, you will need to begin updating your information at the various state agencies and of course, at the banking level.
WHAT HAPPENS TO THE CREDIT INFORMATION COLLECTED ON THE TAX ID WHEN THE SSN IS OBTAINED?
All credit information recorded during the period that the taxpayer used the Tax ID, will be automatically transferred with the assigned SSN number, the only thing that will vary in the credit information is the SSN number. The IRS is responsible for sending a communication to the three major credit bureaus in the country: Equifax, TransUnion and Experian about the update of personal information of each person. Otherwise, your credit profile would be out of date, which could affect your score.
The IRS is responsible for making the change in credit information, as long as the consumer notifies the IRS of the change.
The consumer is responsible for making sure that the information has been changed correctly at the banks and credit bureaus.