I am in the same boat. I think you need to fill out form 1120 (proforma) for the individual, which includes forms 1118, 8992, and 8993 and keep this for your tax calculation and FTC backup. These figures are then entered into 1040. I had also filed the 8992 at the individual level and for lack of guidance, I made an entry to other income to back out the GILTI income that flows from form 8992 with a reference to "GILTI taxed at Corp rates-See 982 tax on Sch. 2.
I have prepared a 962 election for an individual but its pretty manual with a somewhat rough implementation. What you do is to go to screen 45.3 under other taxes. The box called Section 962 tax should be the credit you compute and should be negative. Otherwise, the system thinks it is additional tax, double counts it and doesn't re-compute it. You have to manually tell them what to credit. There is a popup box under that for you to enter your election language. The election shows up on the top of page two of return.
I used something like this.
Form 962(a)1 Election
The taxpayer hereby makes an election under Section 962(a)(1) to be taxed on amounts included in the taxpayer’s gross income under section 951(a) as if the individual were a Subchapter C corporation for the 2019 tax year.
Income reported under Section 951(a) for 2019:
Section 956 Inclusion _________ Inc. XXXXXXX
Section 956 Inclusion __________ XXXXXXX
Global Intangible Low-Taxed Income XSXXXXX
Total Income Reported Under 951(a) for 2019 XXXXXXXX
Tax at 37% Marginal Rate XXXXXXX
Tax at 21% Corporate Rate XXXXXXXXX
Tax Savings from Election XXXXX
I hope this helps.