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Taxpayers with an expired Individual Taxpayer Identification Number should renew it as soon as possible if they need to file a 2017 tax return. They can renew it by submitting a Form W-7. Tax returns with expired ITINs will face delays. Affected taxpayers may also lose out on key tax benefits until they renew their ITINs. It can take the IRS up to 11 weeks to complete an ITIN renewal during tax season. Expired ITINs ITINs that expired at the end of 2017 include those:
ITINs that have middle digits of 78 or 79 expired on December 31, 2016, but taxpayers can still renew them. Renewing an ITIN After filling out the Form W-7 and gathering all required documentation, taxpayers have three ways to submit the package:
Taxpayers who are eligible for, or who have, a Social Security number shouldn’t renew their ITIN; instead, they should notify the IRS of their SSN and previous ITIN so the IRS can merge their accounts. Taxpayers who have filing or payment obligations under U.S. tax law and don’t have or aren’t eligible for an SSN must file with an ITIN. This number is nine digits and formatted like an SSN. An ITIN page on IRS.gov provides links to FAQs and other resources. Share this tip on social media — #IRSTaxTip: Taxpayers with Expired ITINs Should Renew Them Now to File Their 2017 Taxes. https://go.usa.gov/xnAFF |
401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit for employees who participate in 401(k), 403(b), most 457 […]
