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Topic: Does ITIN = more $$$$$$$$$$ ?????  (Read 1441 times)

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Does ITIN = more $$$$$$$$$$ ?????
« on: January 08, 2004, 08:31:59 AM »
Did a rough run-through of my taxes last night.  If I don't get an ITIN for my husband (and file MFS), my refund is about $700.  No problem!

BUT, then I read the tax FAQ on this site... the way I understand it is that I can get an ITIN for him, claim his exemption, and file jointly.  If I do so, my refund will be soooo much more!

Is this okay/legal?  I feel like I've discovered some secret money pit!  It's just that we're in the process of moving and we could really use the extra cash right now!  



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Re: Does ITIN = more $$$$$$$$$$ ?????
« Reply #1 on: January 08, 2004, 12:05:05 PM »
Yes. This is both correct and legal. But what you need to be aware of is that if you file MFJ, you need to make an election on your return to treat your husband as a resident of the US. Once this election is made, depending on your situation, he may have to be included in your return every year (another words you will have to file jointly every year).

Also, if you file MFJ, you need to include all his worldwide income and deductions on your return also.

Helen
HT TAX (US & UK Tax Services)
e-mail:h.tanhaie@ntlworld.com


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Re: Does ITIN = more $$$$$$$$$$ ?????
« Reply #2 on: January 08, 2004, 01:10:34 PM »
ah...okay...that makes sense...thank you for your help, Helen!  :-)


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