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How to fill out the Form 8993 online
Filling out Form 8993, which pertains to the deduction for foreign-derived intangible income and global intangible low-taxed income, can seem daunting. This guide aims to simplify the process by providing step-by-step instructions to ensure accuracy and clarity as you complete the form online.
Follow the steps to fill out Form 8993 with ease.
- Click ‘Get Form’ button to obtain the form and open it in the online editor.
- Begin by entering your identifying number and the name of the person filing this return in the designated fields at the top of the form. Ensure that the information is accurate to avoid any processing issues.
- In Part I, accurately report your deduction eligible income (DEI). Start by documenting the income derived from various sources as specified in the provided sections (1a, 1b, and 1c). Carefully follow the instructions for determining DEI, ensuring all reported figures are correct.
- Calculate your foreign-derived deduction eligible income (FDDEI) by adding the values from lines 1a through 1c. The total will be recorded on line 2 of Part I.
- Continue by reporting the total exclusions in line 3 of Part I. Summarize all relevant exclusions as specified in the respective sections and subtract this from your gross income to determine your deduction eligible income (DEI), filling out line 6.
- Proceed to Part II to determine your deemed intangible income (DII). Utilize the DEI you calculated on line 6 from Part I and follow the instruction to accurately deduce your DII.
- In Part III, determine the foreign-derived ratio by following the outlined calculations. Ensure you reference the relevant instructions to maintain accuracy.
- Part IV focuses on calculating the FDII and/or GILTI deduction. Combine your DII and foreign-derived ratio results, perform the necessary calculations, and make sure to double-check each entry.
- After completing all sections, review the form for accuracy. Once confirmed, you can save changes, download, print, or share the completed Form 8993 as needed.
Complete your Form 8993 online today for a seamless filing experience.
The FDII deduction is 37.5% of the corporation's FDII. For example, assume a domestic C corporation produces widgets for a foreign customer that are used outside of the United States. The corporation earned $100,000 in DEI and $20,000 of FD DEI. QBAI is $120,000 (calculated separately).
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