2024 Tax Season: What ITIN Holders Need to Know
If you have an Individual Taxpayer Identification Number (ITIN), it’s important to stay informed about the tax changes and guidelines for the 2024 tax season. Here’s what to keep in mind:
đź—“ Tax Filing Deadline: The deadline to file your 2023 taxes is April 15, 2024. If you need more time, you can request an extension, giving you until October 15, 2024 to file.
đź“„ ITIN Renewal: If your ITIN hasn’t been used on a federal tax return at least once in the last three years, it may expire. You’ll need to renew it to avoid delays with your return and any refunds. Make sure to renew your ITIN early if necessary.
💰 Standard Deduction Increase: The standard deduction has increased for inflation in 2024. For single filers, it’s $14,600, and for married couples filing jointly, it’s $29,200. This could help reduce your taxable income.
👶 Child Tax Credit: ITIN holders with children may still qualify for the Child Tax Credit, as long as your child has a valid Social Security Number (SSN). The credit can be up to $2,000 per child.
🌍 Foreign Income Reporting: If you earn income outside of the U.S., remember that you must report all worldwide income on your tax return. Failure to report foreign income could lead to penalties.
🏠Claiming Deductions: As an ITIN holder, you may still be eligible to claim certain deductions, like the Earned Income Tax Credit (EITC), if you meet specific qualifications. However, if neither you nor your spouse have an SSN, you cannot claim the EITC.
🔄 Updated Tax Brackets: With inflation adjustments, the tax brackets for 2024 have changed. Be sure to review these updated brackets, as it might impact how much you owe or the size of your refund.
🔑 Protect Your ITIN: Be cautious of scams targeting ITIN holders during tax season. The IRS will never call you demanding immediate payment or ask for sensitive information over the phone. Always verify the legitimacy of any communications you receive.
Filing your taxes as an ITIN holder can sometimes feel complex, but with early preparation and awareness of these key points, you can file with confidence. Consider consulting with a tax professional to ensure you’re getting all the benefits you qualify for.
đź’Ľ Molimar Tax Consulting: Your Partner for ITIN Success ; At Molimar Tax Consulting, we specialize in helping ITIN holders navigate the complexities of the U.S. tax system. With years of experience in assisting ITIN filers, we ensure that you’re getting the most out of your deductions, credits, and overall tax strategy.
If you have any questions or need assistance with your ITIN renewal or tax filing, don’t hesitate to reach out! We’re here to help you every step of the way.
Contact us today to schedule a consultation and make this tax season easier.
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