Get Irs 8992 2021-2026

Filling out IRS Form 8992 is essential for U.S. shareholders to calculate their global intangible low-taxed income. This guide will provide you with clear and step-by-step instructions on how to efficiently complete the form online.

Follow the steps to complete your IRS 8992 form online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering your name and identifying number in the field designated for the 'Name of person filing this return.' Ensure that these details are accurate to avoid issues with processing.
3. Next, input your name again and your identifying number in the field labeled 'Name of U.S. shareholder.' Verify that this information matches your previous entries.
4. In Part I, section 1, calculate your net controlled foreign corporation (CFC) tested income. If you are not a member of a U.S. consolidated group, enter the total from Schedule A, line 1, column (e). If you are part of a group, enter the relevant amount from Schedule B, Part II, column (c).
5. Proceed to Part I, section 2 and determine your sum of pro-rata share of net tested loss. Use the same conditions as stated in the previous step based on your group membership.
6. Combine the amounts from lines 1 and 2 into line 3 to establish your net CFC tested income. If the amount is zero or less, you can stop filling out the form here.
7. In Part II, section 1, input the amount from Part I, line 3 in line 1. This represents your net CFC tested income.
8. For the deemed tangible income return (DTIR) in line 2, multiply the amount from Schedule A, line 1, column (g) by 10% if you are not in a U.S. consolidated group, otherwise, use Schedule B, Part II, column (i).
9. In line 3a, if applicable, enter the sum of your pro-rata share of tested interest expense from Schedule A, line 1, column (j). Leave this blank if you are part of a consolidated group.
10. Proceed to line 4 to calculate your specified interest expense by subtracting line 3b from line 3a, ensuring that if the result is zero or less, you enter -0-.
11. To finalize your GILTI, subtract line 4 from line 1 in line 5. This final amount reflects your global intangible low-taxed income.
12. Once you have completed all sections of the form, you have the option to save your changes, download, print, or share the completed form for your records.

Start completing your IRS 8992 form online today to ensure your compliance and reporting accuracy.