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8992Form (Rev. December 2020) Department of the Treasury Internal Revenue ServiceU.S. Shareholder Calculation of Global Intangible LowTaxed Income (GILTI) OMB No. 15450123 Attachment Sequence No.

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GILTI is calculated as the total active income earned by a US firm's foreign affiliates that exceeds 10 percent of the firm's depreciable tangible property.

If you have an individual that is a US shareholder of a CFC, then any Subpart F inclusion should be reported on Form 1040 line 21 as Other Income .

Form 8992, page 1, is used by a U.S. shareholder to calculate the amount of the GILTI inclusion and to report related information.

Reporting GILTI Inclusion For an individual taxpayer, the GILTI inclusion will be reported on the other income line of the Form 1040 and taxed at the ordinary income tax rate. ... Since GILTI is included in adjusted gross income, it will be taxable on many U.S. state income tax returns as well.

Form 8995 is required for taxpayers who (1) have qualified business income, qualified REIT dividends, or qualified PTP income; (2) have taxable income that does not exceed the threshold amount, and (3) are not patrons of specified agricultural cooperatives. All other taxpayers with QBI must use form 8995-A.

Tested income is the excess, if any, of the corporation's gross income over its allocable deductions. Certain types of gross income are excluded from being classified as tested income including: Income taxed as effectively connected with a U.S. trade or business.

The GILTI rules apply to C corporations, S corporations, partnerships and individuals. ... In addition, U.S. corporate shareholders may also claim an indirect foreign tax credit for 80 percent of the foreign tax paid by the shareholder's CFCs that is determined to be allocable to GILTI income.

Who Needs To File Form 8992. Any U.S. shareholder of one or more CFCs that must take into account its pro rata share of the tested income or tested loss of the CFC(s) in determining the U.S. shareholder's GILTI inclusion, if any, under section 951A must file the Form 8992.

Generally, a U.S. shareholder owning stock in one or more Controlled Foreign Corporations (CFC) that generate tested income must file a Form 8992. In the case of consolidated groups, a taxpayer may need to file more than one Form 8992.

The term tested loss QBAI amount means, with respect to a tested loss CFC for a CFC inclusion year, 10 percent of the amount that would be the qualified business asset investment of the tested loss CFC for the CFC inclusion year under section 951A(d) and § 1.951A-3 if the tested loss CFC were a tested income CFC for ...

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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