Fillable Form 8992

What is Form 8992?

Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), is an Internal Revenue Service (IRS) form used by U.S. shareholders of controlled foreign corporations (and Schedule A) to figure their global intangible low-taxed income inclusions under section 951A and its related regulations.

Public Law 115-97 (Tax Cuts and Jobs Act of 2017) enacted section 951A, which requires U.S. shareholders who own (within the meaning of section 958(a)) a controlled foreign corporation (CFC) to include GILTI in gross income. The 8992 Form is used by a U.S. shareholder to calculate the amount of the GILTI inclusion and to report related information.

The GILTI is an outbound anti-base erosion provision. It reduces the incentive to shift corporate profits out of the United States via base shifting a corporation’s principal asset and intellectual property. This means, with respect to any U.S. shareholder, the excess (if any) of such shareholder’s net CFC tested income for such taxable year, over such shareholder’s net deemed tangible income return for such taxable year.

How to fill out Form 8992?

Filling out Form 8992 is quick and simple. You can download and print a PDF copy of Form 8992 from the Internal Revenue Service (IRS) website which you can manually complete. But for your convenience, you can also fill out Form 8992 electronically on PDFRun. By following the instructions below, you can accomplish the form in minutes.

Use IRS Form 8992 to compute the U.S. shareholder’s GILTI inclusion. Complete the form as follows.

• If the U.S. shareholder is not a member of a U.S. consolidated group, use Schedule A (Form 8992), to determine the amounts to enter on Form 8992, Part l.
• If the U.S. shareholder is a member of a U.S. consolidated group, use Schedule B (Form 8992), Calculation of Global Intangible Low-Taxed Income (GILTI) for Members of a U.S. Consolidated Group Who Are U.S. Shareholders of a CFC, to determine the amounts to enter on Form 8992, Part l.

Name of person filing this return

Enter your full legal name.

If your name has changed within the past 3 years, include your prior name in parentheses after your current name.

Name of U.S. shareholder

Enter your U.S. shareholder’s name.

Item A

If you’re an individual, enter your social security number (SSN). Otherwise, enter your employer identification number (EIN). In the case of a U.S. consolidated group, list the common parent as the person filing the return and enter its EIN.

Item B

If the name of the U.S. shareholder of the controlled foreign corporation (CFC) reported on Form 8992 is different from the name of the person filing this return, enter the U.S. shareholder’s identifying number. In the case of a U.S. consolidated group, leave the name of the U.S. shareholder and item B blank.

Part I – Net Controlled Foreign Corporation (CFC) Tested Income

If the U.S. shareholder is not a member of a U.S. consolidated group, first you must complete Schedule A (Form 8992), columns (a) through (f), to figure the amounts you will enter on lines 1 and 2. Then, follow the instructions below.

If the amount on line 3 is greater than zero, you must complete Schedule A (Form 8992), columns (g) through (l). If the amount on line 3 is zero or negative, do not complete Part II of Form 8992 or Schedule A (Form 8992), columns (g) through (l). Include Form 8992 and Schedule A (Form 8992) with your return.

If the U.S. shareholder is a member of a U.S. consolidated group, you must complete Schedule B (Form 8992), Calculation of Global Intangible Low-Taxed Income (GILTI) for Members of a U.S. Consolidated Group Who Are U.S. Shareholders of a CFC.

Line 1

If the U.S. shareholder is not a member of a U.S. consolidated group, enter the total from Schedule A (Form 8992), line 1, column (e).

If the U.S. shareholder is a member of a U.S. consolidated group, enter the amount from Schedule B (Form 8992), Part II, column (c), that pertains to the U.S. shareholder.

Line 2

If the U.S. shareholder is not a member of a U.S. consolidated group, enter the total from Schedule A (Form 8992), line 1, column (f).

If the U.S. shareholder is a member of a U.S. consolidated group, enter the amount from Schedule B (Form 8992), Part II, column (f), that pertains to the U.S. shareholder.

Line 3

To get your Net CFC Tested Income, enter the sum of lines 1 and 2. If zero or less, stop here.

Part II – Calculation of Global Intangible Low-Taxed Income (GILTI)

For each line on this part, simply follow the instructions below. Note that if the amount on line 4 is greater than the amount on line 1, enter zero on line 5.

For a corporate shareholder, enter the Part II, line 5, result on Form 1120, Schedule C, U.S. Corporation Income Tax Return, line 17, or on the comparable line of other corporate returns.

For an individual shareholder, enter the Part II, line 5, result on Schedule 1 (Form 1040), Additional Income and Adjustments to Income, Part I, line 8n (Section 951A(a) inclusion), or on the comparable line of other non corporate tax returns.

Line 1

Enter the amount of your Net CFC Tested Income.

Line 2

If the U.S. shareholder is not a member of a U.S. consolidated group, multiply the total from Schedule A (Form 8992), line 1, column (g), by 10% (0.10). Then, enter the product here.

If the U.S. shareholder is a member of a U.S. consolidated group, enter the amount from Schedule B (Form 8992), Part II, column (i), that pertains to the U.S. shareholder.

Line 3a

If the U.S. shareholder is not a member of a U.S. consolidated group, enter the total from Schedule A (Form 8992), line 1, column (j).

If the U.S. shareholder is a member of a U.S. consolidated group, leave this line blank.

Line 3b

If the U.S. shareholder is not a member of a U.S. consolidated group, enter the total from Schedule A (Form 8992), line 1, column (i).

If the U.S. shareholder is a member of a U.S. consolidated group, leave this line blank.

Line 3c

If the U.S. shareholder is not a member of a U.S. consolidated group, subtract line 3b from line 3a. Then, enter the difference here. If zero or less, enter -0-.

If the U.S. shareholder is a member of a U.S. consolidated group, enter the amount from Schedule B (Form 8992), Part II, column (m), that pertains to the U.S. shareholder.

Line 4

To get your Net DTIR, subtract line 3c from line 2. Then, enter the difference here. If zero or less, enter -0-.

Line 5

To get your GILTI, subtract line 4 from line 1. Then, enter the difference here.

For more information on how to complete Schedule A and Schedule B of Form 8992, see instructions for Form 8992.