Are you worried about identity protection? The IRS IP PIN may be the solution you are looking for! Identity thieves are out there, unfortunately, so it’s important to get an IP PIN to stop identity thieves from stealing your personal information.
You may be wondering, “How can I get my IP PIN from the IRS?” or “What is an IP PIN?” The answers will be provided in this article, so make sure you read all about it. Of course, if you have any questions about the application process, speak with your financial advisor or tax consultant. They will know the right place to direct you!
What is an IP PIN?
An IP PIN is an Identity Protection Personal Identification Number. Basically, it’s a six-digit number that taxpayers can use in lieu of using their social security number or individual taxpayer identification number. An IP PIN is valid for one calendar year.
If your spouse or dependents are able to verify their identities, they can also apply for an IP PIN. However, it is recommended that you never share your IP PIN with anyone but the IRS.
When you apply and obtain your IP PIN, please note that it will only be available to you and the IRS. When you file your annual tax return or have someone do it on your behalf, you will enter your IP PIN next to your name on the signature line of your tax return. That is how you keep it private to only you and the IRS!
You CAN share your IP PIN with your tax professional if you trust them completely, but remember that you will be sharing personal information with someone who is not a part of the IRS. It is good to know this – the IRS will never contact you to verify or obtain your IP PIN! If you get a phone call or email requesting your IP PIN, this is a fraudulent act!
Also, the IP PIN is a voluntary action that taxpayers can take. You don’t have to get one, but there are certainly benefits to having one!
Why Do I Need an IP PIN?
An IP PIN protects your personal information from people who might steal your identity. It is never a good time to have your identity stolen, so you should make every effort to protect your personal data from identity thieves.
There are many dishonest people out there who will stop at nothing to try and swipe your personal data for their own benefit. Some people file fraudulent federal income tax returns based on other people’s information.
If you have already experienced identity theft and have had someone file a tax return on your behalf in a fraudulent manner, you can still benefit from getting an IP PIN. It will protect you in the future and prevent the thief from doing any further damage using your personal identification information.
By having an IP PIN, you can help the IRS verify your identity and file your annual tax return. Your tax consultant can help you get an IP PIN quickly, but they are unable to do it on your behalf. Work together with your tax consultant to find the best route to protecting your information.
How Can I Get My IP PIN from the IRS?
Use the Tool
An IP PIN is now available to anyone who is able to verify their identification information. There is a Get an IP PIN tool that allows taxpayers the chance to grab an IP PIN, provided they have a social security number or individual taxpayer identification number.
The IRS has made it so that no one can just grab another person’s IP PIN. If that were the case, the purpose of the IP PIN would be pointless. Instead, there is an authentication process that is quite rigorous.
Before getting your IP PIN, the IRS advises you to read and try to understand the Secure Access requirements so that you can make sure you are eligible for an IP PIN.
Keep in mind that your tax professional cannot get an IP PIN on your behalf because of the authentication process.
According to the IRS, you can obtain an IP PIN for 2021 right now. This number will be used when you file your tax return for 2021 or any tax returns for prior years if you are late filing. New IP PINs will be available in January of the year 2022. So, if you don’t have one now, you can apply immediately for prior years’ returns or apply for one in the new year.
Use IRS Form 15227
If you are not eligible or able to obtain an IP PIN using the tool mentioned above, you can file IRS Form 15227: The Application for an Identity Protection Personal Identification Number. This application is available to those who have an income of $72,000 or less.
With the application process, the IRS will call you on the phone to verify your identity. They will use the phone number listed on IRS Form 15227.
Because of security risks, the IRS states that this IP PIN will only be valid for the next tax filing season, not the current one.
Make an Appointment
If you are not eligible or able to obtain an IP PIN using the tool or IRS Form 15227, you can make an appointment to speak to an IRS agent at a Taxpayer Assistance Center near you!
When you work with an IRS agent, you will need to provide them with a government-issued picture ID and another form of identification that can prove your identity.
If you can obtain an IP PIN this way, you will likely receive your IP PIN in the mail within three weeks of requesting one.
You now know what an IP PIN is, why you need one, and the three ways you can go about requesting one. If you have difficulty in any area, make sure you make a tax consultation with a reputable tax accountant or enrolled agent – someone who is knowledgeable about the IRS and tax security.
If you need someone to help you file your taxes or have questions about this article, be sure to contact Borshoff Consulting. Sherry Borshoff is Indiana’s tax expert and will make sure your taxes are done right the first time around! Book a free consultation today to find out how she can best solve your financial problems!