He neither works nor resides in the US. Will he need an ITIN for filing taxes?
2007-10-07 18:30:38 · 2 answers · asked by YashpalM 1 in Business & Finance ➔ Investing
Foreigners do need a tax identification number because, unlike posted above, they might have to pay taxes. Regardless of whether or not they do need to pay taxes, trading accounts will be required to withhold a portion of all profits unless exempted and in the absence of a tax return to recover the excess withholding, you will just lose money to the US for no reason.
There are international restrictions depending upon your country of origin. Canadians, for example, cannot own US mutual funds as it is illegal in Canada and American firms will not permit their purchase for that reason. A New Zealander could own a US mutual fund as it is not against New Zealand law.
Start at www.etrade.com or www.tdameritrade.com. You will not likely be allowed to open it online, you will probably have to mail it in and also send for funding instructions so you can get money into your account.
2007-10-08 06:45:25 · answer #1 · answered by OPM 7 · 0⤊ 0⤋
Foreigners DO NOT PAY taxes.
2007-10-08 04:12:28 · answer #2 · answered by Anonymous · 0⤊ 1⤋