How do I calculate the GILTI for Form 8992?

To calculate GILTI, start with your net tested income from foreign subsidiaries. Subtract any net deemed tangible income return. The resulting amount is your GILTI, which you report on the form.

What are the consequences of not filing Form 8992?

Failing to file Form 8992 can result in penalties from the IRS, as well as potential adjustments to your income tax return. It's important to file accurately to avoid issues.

Are there resources to help me understand Form 8992 better?

Yes, the IRS provides a detailed instruction manual for Form 8992. You can also find resources on the IRS website or consult a tax professional for guidance.

Form 8992 2023-2024 - Fill Official Forms

What is Form 8992?

Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income, helps U.S. shareholders report their share of global intangible low-taxed income (GILTI) from controlled foreign corporations. This form is important because it ensures compliance with U.S. tax laws and helps calculate the GILTI inclusion, which affects overall tax liability. Understanding and accurately completing this form is crucial for shareholders to avoid penalties and ensure accurate tax reporting. Always refer to the IRS guidelines for specific instructions.

What is Form 8992 used for?

Form 8992 is used by U.S. shareholders to calculate Global Intangible Low-Taxed Income (GILTI). Here’s what it’s for:

to determine GILTI inclusion amounts.
to calculate the GILTI deduction.
to report foreign taxes paid or accrued.

How to fill out Form 8992?

1
Read the instructions for Form 8992 carefully to understand each section.
2
Enter your name, TIN, and other identification details in Part I.
3
Calculate your GILTI using the provided formulas in Part II.
4
Complete Part III by detailing your CFCs and their income.
5
Check all entries for accuracy before submitting.
6
Attach any required documentation to support your calculations.

Who is required to fill out Form 8992?

U.S. shareholders and partnerships must complete Form 8992 for reporting GILTI purposes.

The form is used by corporations and foreign tax credit claimers to report their GILTI calculations.

When is Form 8992 not required?

Form 8992 isn't necessary for U.S. shareholders who do not have any controlled foreign corporations (CFCs) or who don't owe any global intangible low-taxed income (GILTI) tax. Additionally, shareholders that fall below the income thresholds set by the IRS are also exempt from filing this form. Always check the latest IRS guidelines to confirm your specific filing requirements.

When is Form 8992 due?

The deadline for Form 8992 is generally the same as your tax return due date. For most taxpayers, this is April 15. If you file for an extension, you must submit Form 8992 by the extended due date.

Make sure to check the specific deadlines for the tax year you are filing. Always review the IRS guidelines for any changes that may affect your filing requirements.

How to get a blank Form 8992?

To get a blank Form 8992, simply visit our platform. The form is already pre-loaded in our editor, allowing you to fill it out directly. Once completed, you can download the form for your records.

Do you need to sign Form 8992?

The IRS Form 8992 does not require a signature according to official sources. However, tax regulations may change, so it's wise to verify with the IRS for the latest updates. Staying informed helps you avoid potential issues and ensures compliance with tax laws.