No, an I-20 cannot take the place of an ITIN. However, it can be used to apply for an ITIN.
What is an I-20?
An I-20, officially the "Certificate of Eligibility," is a crucial document for international to study in the U.S., issued by an approved school showing someone is accepted and have sufficient funds, acting as an endorsement to apply for a student visa and demonstrating legal status while in America. It contains program details, financial info, and school data, and you must keep it safe throughout your studies.
What is an ITIN?
An ITIN (Individual Taxpayer Identification Number) is a 9-digit number issued by the IRS for tax processing to individuals who need a U.S. taxpayer ID but aren't eligible for a Social Security Number (SSN), primarily for filing federal tax returns, claiming refunds, or meeting other tax obligations, but it does not grant work authorization or legal status. People use ITINs for various financial purposes like opening bank accounts, but its main function is to comply with U.S. tax laws.