ITIN for kids on L2 to open 529 plan

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barracudan
Posts: 15
Joined: Thu Oct 12, 2023 2:25 pm

ITIN for kids on L2 to open 529 plan

Post by barracudan »

Hi ,

I am in the US on an L1 visa with L2 dependents. I wanted to open 529 plans for my kids, but the application was asking for their SSN/ITIN. Since they are not eligible for an SSN, can I simply submit a W7 to apply for an ITIN? I don’t have a tax return to file it with, yet. So should I wait until I file taxes next year, or am I able to apply now so I can open the 529 accounts and start contributing?

All Canadian citizens.
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ND
Posts: 334
Joined: Thu Feb 21, 2013 5:28 pm

Re: ITIN for kids on L2 to open 529 plan

Post by ND »

IRS won't issue ITIN for 529 cause. Instead fit yourself into one of the W7 application reasons and one return filing exception. Also, even if you put your kids on your 1040, IRS will only issue them ITINs if their being on your 1040 produces a tax benefit for you such as a child tax credit.
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