ITIN

Renouncing U.S. Citizenship in 2025

Renouncing U.S. Citizenship in 2025: Process, Exit Tax, and Form 8854 Explained

Can an individual renounce their U.S. citizenship, and what are the associated tax consequences? Renouncing U.S. citizenship constitutes a significant personal and financial undertaking. While the procedural steps are relatively straightforward, individuals who choose to renounce citizenship must comply with rigorous tax regulations enforced by the U.S. government. It is imperative to gain a comprehensive …

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Foreign Beneficiary of U.S. Estate or 401(k): Why You Need an ITIN

Foreign Beneficiary of U.S. Estate or 401(k): Why You Need an ITIN

When a non-U.S. resident inherits money from a U.S. estate, receives a 401(k) distribution, or is named as a beneficiary on a retirement account, U.S. tax rules still apply. In most cases, the payment cannot be released without proper tax withholding and reporting. This is where an Individual Taxpayer Identification Number (ITIN) becomes essential. If …

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