Get Form 8992

Filling out the Form 8992 accurately is crucial for calculating Global Intangible Low-Taxed Income (GILTI). This guide provides clear, step-by-step instructions to help you complete the form online efficiently.

Follow the steps to complete Form 8992 online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by filling out the top section with the name of the person filing the return and the name of the U.S. shareholder. Ensure that you provide the correct identifying number for both entities.
3. For Part I, enter the information related to the taxpayer’s annual accounting period, specifying the beginning and ending dates of the period in question.
4. In Part I, line 1, input the sum of your Pro Rata Share of Net Tested Income from the provided Schedule A. Make sure this total is accurate.
5. Proceed to line 2 of Part I to report the sum of your Pro Rata Share of Net Tested Loss. Add the relevant amounts from Schedule A.
6. Calculate the net CFC Tested Income by combining the values entered in lines 1 and 2 on line 3 of Part I. If this value is zero or negative, you should stop here.
7. Moving to Part II, for line 1, input the net CFC Tested Income derived from Part I, line 3.
8. On line 2a, include your Pro Rata Share of Qualified Business Asset Investment (QBAI) multiplied by 10%, referencing the total from Schedule A.
9. For line 2b, calculate the Net Deemed Tangible Income Return, subtracting the value in line 2b from line 2a. If the result is zero or less, enter -0-.
10. Finally, calculate the GILTI on line 2c by subtracting the value in line 2b from line 1.
11. Once all the sections are filled out and verified for accuracy, save changes to your document. You can then choose to download, print, or share the completed form as needed.

Begin filling out your Form 8992 online today for accurate GILTI calculations.