Updated May 2026
What Can You Do with an ITIN? 8 Benefits + Banking, Mortgage, Tax (2026)
With an ITIN, you can open accounts at 8+ US banks, get a mortgage with 15-25% down payment, file federal tax returns (Form 1040 or 1040-NR), build a US credit history, claim tax treaty benefits from 67+ countries, obtain a driver's license in 17+ states, invest in US real estate, and run a US business with an EIN. An ITIN (Individual Taxpayer Identification Number) is far more than a tax number. It is your key to participating in the US financial system without a Social Security Number.
What Are All 8 Things You Can Do with an ITIN?
An ITIN unlocks 8 financial capabilities. Here is every benefit with specific data:
| # | Benefit | Key Data |
|---|---|---|
| 1 | Open US Bank Accounts | 8+ banks accept ITINs (Chase, Mercury, Relay, Wise) |
| 2 | Get a US Mortgage | 15-25% down, 620+ credit score, 1-2% above conventional rates |
| 3 | File US Tax Returns | Form 1040, 1040-NR, 5472 + pro forma 1120 |
| 4 | Build Credit History | Secured card ($200-$500 deposit), score 680+ in 6-12 months |
| 5 | Claim Tax Treaty Benefits | 67+ treaty countries, reduce 30% withholding to 0-15% |
| 6 | Get a Driver's License | Available in 17+ states and DC |
| 7 | Invest in US Real Estate | Report rental income, manage 15% FIRPTA withholding |
| 8 | Run a US Business | Get EIN via Form SS-4, open business banking, build business credit |
Can You Open a US Bank Account with an ITIN?
Yes. At least 8 US banks accept ITINs for checking and savings accounts. Federal regulations require banks to collect a taxpayer identification number, but it does not have to be an SSN. An ITIN bank account works exactly like any other account: direct deposits, transfers, bill payments, and debit card access.
8+ Banks That Accept ITINs
| Bank | Account Types | Remote Opening |
|---|---|---|
| Bank of America | Checking, savings, CDs | In-branch only |
| Chase | Checking, savings | In-branch only |
| Wells Fargo | Checking, savings | In-branch only |
| Citibank | Checking, savings | In-branch only |
| US Bank | Checking, savings | In-branch only |
| Mercury | Business checking, savings | Yes (online) |
| Relay | Business checking | Yes (online) |
| Wise | Multi-currency, business | Yes (online) |
What You Need to Open an ITIN Bank Account
- ITIN CP565 notice (IRS confirmation letter)
- Valid passport or government-issued photo ID
- Proof of US address (utility bill, lease) for some banks
- 30-60 minutes at a branch, or apply online with Mercury/Relay/Wise
Full list and application tips in our ITIN bank account guide.
Can You Get a US Mortgage with an ITIN?
Yes. A growing number of lenders offer ITIN mortgage programs. These make homeownership accessible to people without an SSN, whether for a primary residence, vacation home, or investment property.
ITIN Mortgage Requirements
| Requirement | ITIN Mortgage | Conventional Mortgage |
|---|---|---|
| Down payment | 15-25% | 3-20% |
| Credit score | 620+ (some accept alternative credit) | 620+ |
| Tax filing history | 2+ years with ITIN | 2 years W-2/1099 |
| Interest rate premium | 1-2% above conventional | Base rate |
| Best lender types | Community banks, credit unions, specialists | National lenders, banks |
Alternative Credit Documentation
Some ITIN mortgage lenders accept alternative credit documentation if you have not built a traditional credit file: 12+ months of rent payment records, utility bill payment history, phone bill payments, and insurance premium payments. These demonstrate financial responsibility without a formal credit score.
Read our ITIN mortgage guide for lender options and application steps.
How Do You File US Tax Returns with an ITIN?
Filing taxes is the primary purpose of an ITIN under IRC Section 6109. Your ITIN goes on your tax return in place of an SSN. The specific form depends on your residency status:
Tax Forms by Residency Status
| Status | Primary Form | Additional Forms |
|---|---|---|
| Non-resident alien | Form 1040-NR | Schedule NEC, Schedule OI |
| Resident alien (filing jointly) | Form 1040 | Standard schedules |
| Foreign single-member LLC owner | Form 5472 + pro forma 1120 | Filed annually by April 15 |
| Treaty benefit claimant | Form 1040-NR | Form W-8BEN, Form 8233 |
Joint Filing Tax Savings
If you are a spouse filing jointly with a US citizen or resident alien, your ITIN enables the couple to claim the married filing jointly standard deduction ($30,000 in 2025) and wider tax brackets. This saves thousands compared to married filing separately ($15,000 deduction).
For filing guidance, see our ITIN tax return guide.
Can You Build a US Credit History with an ITIN?
Yes. ITIN holders build credit the same way SSN holders do: by using credit products responsibly and making on-time payments. Your credit history determines loan eligibility, interest rates, rental approvals, and mortgage qualification.
Credit Building Timeline
- Month 1: Open a secured credit card with a $200-$500 refundable deposit. Capital One, Discover, and credit unions accept ITIN holders.
- Months 1-6: Use the card for small purchases. Keep utilization below 30% of your limit. Pay the full balance every month.
- Months 6-12: Credit bureaus (Experian, Equifax, TransUnion) generate your credit score. Target: 680+ FICO score.
- Month 12+: Qualify for unsecured credit cards, auto loans, and favorable lease terms. Begin ITIN mortgage eligibility with 2 years of tax filing history.
Learn which cards accept ITINs in our ITIN credit card guide.
How Do You Claim Tax Treaty Benefits with an ITIN?
The US has income tax treaties with 67+ countries. Without an ITIN, payers withhold 30% on dividends, interest, royalties, and other US-source income. With an ITIN and Form W-8BEN, treaty rates drop to 0-15% depending on the income type and your country.
Treaty Withholding Rate Examples
| Country | Dividend Rate (with treaty) | Without Treaty |
|---|---|---|
| United Kingdom | 15% | 30% |
| Canada | 15% | 30% |
| India | 15-25% | 30% |
| Germany | 15% | 30% |
| China (student income) | 0% (up to $5,000/year) | 30% |
| Japan | 10% | 30% |
How to Claim Treaty Benefits
- Obtain your ITIN via Form W-7
- Submit Form W-8BEN (for dividends, interest, royalties) to the payer with your ITIN
- For personal services or scholarships, submit Form 8233 to the payer
- File Form 1040-NR at year-end to reconcile tax liability and claim refunds
Can You Get a Driver's License with an ITIN?
Yes, in 17+ US states and DC. While driver's license rules vary by state, a growing number of states accept ITINs (via CP565 notice) as part of the identification requirements.
States That Accept ITINs for Driver's Licenses
California, Colorado, Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Maryland, Nevada, New Jersey, New Mexico, New York, Oregon, Utah, Vermont, Virginia, and Washington. The list continues to expand as more states pass legislation. Check your state DMV website for the most current requirements.
Documents Needed for an ITIN Driver's License
- ITIN CP565 notice from the IRS
- Valid foreign passport
- Proof of state residency (utility bill, lease, bank statement)
- Some states require proof of filing a US tax return
Can You Invest in US Real Estate with an ITIN?
Yes. Foreign nationals can purchase US property regardless of immigration status. An ITIN is essential for managing the tax obligations that come with US real estate ownership.
ITIN Real Estate Tax Benefits
- Report rental income on Form 1040-NR Schedule E
- Deduct mortgage interest, property taxes, insurance, repairs, and depreciation
- Apply for reduced FIRPTA withholding certificate (below the 15% default on gross sale price)
- Qualify for ITIN mortgage programs with 15-25% down payment instead of paying all cash
FIRPTA Withholding: What You Need to Know
Under FIRPTA (Foreign Investment in Real Property Tax Act), buyers withhold 15% of the gross sale price when a foreign national sells US property. With an ITIN, you can apply for a withholding certificate to reduce this amount based on your actual tax liability. Without an ITIN, the full 15% is withheld and you must wait until your annual tax return to claim any overpayment. Read more in our ITIN for real estate investors guide.
Can You Run a US Business with an ITIN?
Yes. Foreign entrepreneurs use ITINs to start and operate US businesses. The process follows a specific sequence: ITIN first, then EIN, then business banking.
ITIN-to-Business Setup Sequence
- Obtain your ITIN via Form W-7 ($0 IRS fee, 6-11 weeks processing)
- Use your ITIN as the responsible party TIN on Form SS-4 to get an EIN
- Open business bank accounts at Mercury, Relay, or traditional banks
- Register with state tax agencies and begin operations
- File annual tax returns: Form 5472 + pro forma 1120 (single-member LLC), Form 1065 (multi-member LLC), or Form 1120 (corporation)
Business Structures for ITIN Holders
| Structure | Tax Filing | Best For |
|---|---|---|
| Single-Member LLC | Form 5472 + pro forma 1120 | Solo entrepreneurs, freelancers |
| Multi-Member LLC | Form 1065 + Schedule K-1 | Business partnerships |
| C-Corporation | Form 1120 (21% corporate tax) | Businesses planning to raise investment |
E-Commerce and Amazon FBA
The US e-commerce market reached $574B in 2024. Many ITIN holders operate Amazon FBA businesses, Shopify stores, and other e-commerce ventures. Your ITIN completes the Amazon Seller Central tax interview and eliminates 24% backup withholding. Read more about ITIN for Amazon sellers and ITIN for LLC owners.
What Can You NOT Do with an ITIN?
An ITIN has 4 clear limitations under IRC Section 6109:
- No work authorization: An ITIN does not permit employment in the US. Only an SSN paired with valid immigration status authorizes work.
- No immigration status change: Obtaining an ITIN has zero effect on your immigration status. The IRS does not share ITIN data with immigration agencies under IRC Section 6103.
- No Social Security benefits: An ITIN does not establish eligibility for Social Security retirement, disability, or survivor benefits.
- No I-9 employment verification: An ITIN cannot be used on Form I-9 for employment eligibility verification. Employers who accept ITINs for I-9 violate 8 U.S.C. Section 1324a.
For full details on what an ITIN is and how it works, read our complete ITIN guide.
Watch: What You Can Do with an ITIN
This video walks through all 8 benefits of having an ITIN: banking, mortgages, tax filing, credit building, treaty benefits, driver licenses, real estate investing, and running a US business.
Quick Summary: 8 Things You Can Do with an ITIN
1. Open a Bank Account
8+ banks: Chase, Mercury, Relay, Wise, and more
2. Get a Mortgage
15-25% down, 620+ credit score, community banks
3. File Tax Returns
Form 1040, 1040-NR, 5472 + pro forma 1120
4. Build Credit
Secured card, 680+ FICO score in 6-12 months
5. Claim Treaty Benefits
67+ countries, reduce 30% withholding to 0-15%
6. Get a Driver's License
17+ states and DC accept ITINs
7. Invest in Real Estate
Rental income, FIRPTA withholding, ITIN mortgages
8. Run a US Business
EIN via Form SS-4, business banking, $574B e-commerce market
Frequently Asked Questions About ITIN Benefits
Unlock All 8 Benefits: Get Your ITIN
Our Certifying Acceptance Agents handle the entire ITIN application per IRS Publication 1915. ITIN service is $297 (7-10 business days). ITIN service is $297 (2-3 business days with WhatsApp support and money-back guarantee). We serve clients from 150+ countries.
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