Get Irs 8992 2020

Filling out IRS Form 8992 can be a complex task, but this guide aims to simplify the process for you. This form is essential for U.S. shareholders calculating their global intangible low-taxed income (GILTI). Follow these detailed instructions to complete the form accurately.

Follow the steps to successfully complete Form 8992 online.

1. Press the ‘Get Form’ button to access and open the form in your preferred digital editor.
2. In the first section, identify the name and identifying number of the person filing the return, followed by the name and identifying number of the U.S. shareholder.
3. Proceed to Part I. For lines 1 and 2, enter the sum of the pro rata share of net tested income or losses depending on whether the U.S. shareholder is part of a consolidated group.
4. On line 3, combine lines 1 and 2 to calculate net CFC tested income. If this amount is zero or less, you have completed that section.
5. Move to Part II. Input the net CFC tested income from Part I, line 3 on line 1. Enter deemed tangible income return (DTIR) based on whether you belong to a consolidated group.
6. For lines 3a and 3b, fill in the pro rata share of tested interest expense and income based on whether you are part of a consolidated group or leave them blank if applicable.
7. Calculate specified interest expense on line 3c and, if applicable, input the amount from Schedule B pertaining to the U.S. shareholder.
8. Continue by calculating net DTIR on line 4, followed by GILTI on line 5 by subtracting line 4 from line 1.
9. Once you have completed all required fields, review your entries for accuracy. Save your changes, and you can choose to download, print, or share the form as necessary.

Start filling out your IRS 8992 online today to ensure accurate reporting.