9/5/2023 0 Comments Ip pin irsWho is eligible for an Identity Protection PIN? phone calls, texts, emails) that asks for your IP PIN. Important: The IRS will never ask for a taxpayer's IP PIN. The IP PIN is currently used on Forms 1040, 1040-PR, and 1040-SS. It's important to note that the IP PIN is only known to the taxpayer and the IRS, and should only be shared with tax professionals. The IRS uses the IP PIN to verify the taxpayer's identity when they file a return. What is an Identity Protection PIN?Īn Identity Protection Pin or IP PIN is a six-digit number issued by the IRS to taxpayers to prevent unauthorized individuals from filing a tax return using someone else's Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN). One of the best defenses against tax fraud is an IRS-issued Identity Protection PIN. Identity thieves take advantage of the confusion during tax season to steal personal data, or worse, taxpayers' money. With more tax-related transactions moving online, confidential financial information is more exposed than ever. And dealing with the aftermath can take months or even years. The worst part: victims do not realize they have been defrauded until it's too late. Almost 2.8 million Americans filed a report to the agency - the highest level on record. The Federal Trade Commission estimates that more than $5.8 billion was lost to fraud in 2021, up 70% over the previous year. Cybercriminals may use your Social Security number to apply for jobs or benefits or file a tax return to get a refund. However, identity theft also results in tax fraud. When people talk about identity theft, they usually mean stolen personal information, credit card numbers, or bank accounts.
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