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Cynthia Widmayer
Cynthia Widmayer is an insurance contributor for Bankrate and has over two years of experience as a personal finance writer. She covers home, car and life insurance products for Bankrate, The Simple Dollar and Coverage.com among others.
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Lance Davis
Lance Davis is the Vice President of Content for Bankrate, overseeing content for home lending, deposits, investing, consumer lending, insurance, credit cards and small business. Lance leads a team of more than 70 editors, reporters and publishers who are passionate about creating content that helps readers make smarter financial decisions.
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Kenneth Chavis IV
Kenneth Chavis IV is a senior wealth counselor at Versant Capital Management who provides investment management, complex wealth strategy, financial planning and tax advice to business owners, executives, medical doctors, and more.
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A Tax Identification Number (TIN) is a nine-digit tracking number assigned and used to identify a taxpayer.
If you receive an income, or have any reportable or otherwise taxable activity (in the case of an entity or business), the government expects you to pay taxes on it. To do so, the IRS requires that you first provide a Tax Identification Number.
A Social Security number is one form of TIN and is used by most taxpayers when filing their federal and state taxes.
A TIN is also required for non-tax-related purposes, such as opening a bank account, applying for a loan, applying for a job, buying or renting property and claiming benefits from the government.
The most common type of Tax Identification Number is the Social Security number (SSN) issued by the Social Security Administration. A Social Security number is assigned to U.S. citizens, permanent residents and some nonimmigrant workers. Parents must apply for a Social Security number for their children before they can claim them as dependents.
A Social Security number is mandatory for individuals who want to use government services, claim benefits, seek employment or file taxes. Applying for a Social Security number (or any other TIN for that matter) is free.
The Employer Identification Number (EIN) is the TIN issued to corporations, nonprofit organizations, estates, trusts and any other business that are required to pay taxes. This number is used when reporting annual income for taxation.
The IRS offers a list of yes or no questions to help you determine whether you need an EIN.
If a nonresident or resident alien (or their spouse or dependent) is ineligible for a Social Security number, they are issued a nine-digit Individual Taxpayer Identification Number (ITIN). This is similar to a regular nine-digit TIN, but to obtain this, the individual needs to submit Form W-7 along with documents proving their resident status.
In the case of domestic adoption of children, if the adoptive parents are unable to obtain the child’s Social Security Number for tax purposes, they can apply for an Adoption Tax Identification Number (ATIN). Certain conditions must be met, such as the adoption has to be pending and the child should be a U.S. citizen or permanent resident.
Issued to tax preparers, a PTIN, or Preparer Tax Identification Number, must be included on all returns completed by a paid tax professional.
The IRS offers information on how to apply for different Tax Identification Numbers.
Cynthia Widmayer is an insurance contributor for Bankrate and has over two years of experience as a personal finance writer. She covers home, car and life insurance products for Bankrate, The Simple Dollar and Coverage.com among others.
