How old do you have to be to have a federal employment identification number?
Total Comments: 4
Posted: Tue Oct 12, 2010 02:43 pm Post Subject:
There is no "age" requirement to obtain a Federal Employer Identification Number (FEIN). Employees do not have a FEIN, they have a Social Security Number, and, since the late 1980s, that is generally applied for by their parents in order to be able to claim a child as a dependent on their income tax return.
Posted: Wed Oct 13, 2010 10:33 am Post Subject:
I just got a bit confused at that. Max, do you mean our parents are supposed to apply for our FEIN (an that too at an age when we're not doing any job)?
Can you give a brief description of this application process?
Posted: Wed Oct 13, 2010 12:05 pm Post Subject:
Here's a discussion that you may go through-
http://www.ampminsure.org/start/fein.html
Posted: Wed Oct 13, 2010 09:02 pm Post Subject:
I just got a bit confused at that. Max, do you mean our parents are supposed to apply for our FEIN
NO! Parents (or individuals) apply for a SOCIAL SECURITY NUMBER (SSN) as their (or their child's) personal taxpayer identification number as a citizen or legal resident. Non-resident persons in the US may apply for a TIN -- "Taxpayer Identification Number" -- so that those persons may report taxable income/interest as required by law, and pay the associated taxes. Not later than the end of the tax year in which a child turns age 1 must they (or their parent) apply for a SSN in order to be claimed as a dependent on their parent's income tax return.
The only persons who need a Federal Employer Identification Number (FEIN) are persons who (1) employ others (whether incorporated or not), or (2) are charitable foundations or other institutions that receive tax-deductible contributions, or (3) has reportable income on which federal taxes are due and does not qualify for a SSN or TIN. An unincorporated sole-proprietor with no employees (or an individual taxpayer who hires one or more domestic employees) is encouraged to simply use their SSN or TIN for tax reporting purposes, instead of applying for a FEIN.
Posted: Tue Oct 12, 2010 02:43 pm Post Subject:
There is no "age" requirement to obtain a Federal Employer Identification Number (FEIN). Employees do not have a FEIN, they have a Social Security Number, and, since the late 1980s, that is generally applied for by their parents in order to be able to claim a child as a dependent on their income tax return.
Posted: Wed Oct 13, 2010 10:33 am Post Subject:
I just got a bit confused at that. Max, do you mean our parents are supposed to apply for our FEIN (an that too at an age when we're not doing any job)?
Can you give a brief description of this application process?
Posted: Wed Oct 13, 2010 12:05 pm Post Subject:
Here's a discussion that you may go through-
http://www.ampminsure.org/start/fein.html
Posted: Wed Oct 13, 2010 09:02 pm Post Subject:
I just got a bit confused at that. Max, do you mean our parents are supposed to apply for our FEIN
NO! Parents (or individuals) apply for a SOCIAL SECURITY NUMBER (SSN) as their (or their child's) personal taxpayer identification number as a citizen or legal resident. Non-resident persons in the US may apply for a TIN -- "Taxpayer Identification Number" -- so that those persons may report taxable income/interest as required by law, and pay the associated taxes. Not later than the end of the tax year in which a child turns age 1 must they (or their parent) apply for a SSN in order to be claimed as a dependent on their parent's income tax return.
The only persons who need a Federal Employer Identification Number (FEIN) are persons who (1) employ others (whether incorporated or not), or (2) are charitable foundations or other institutions that receive tax-deductible contributions, or (3) has reportable income on which federal taxes are due and does not qualify for a SSN or TIN. An unincorporated sole-proprietor with no employees (or an individual taxpayer who hires one or more domestic employees) is encouraged to simply use their SSN or TIN for tax reporting purposes, instead of applying for a FEIN.
For more information see the www.irs.gov website.
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