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Has anyone done a 962 election in regards to GILTI (Form 8992) for an individual? Per the instructions it states to use Form 1118 specifically. Any help is appreciated!

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Instructions state to use Form 1118, which doesn't appear to be an option.  It does allow me to input the 962 tax (21%) on GILTI income.  

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Level 1
Greg, Have you found out any information on this yet? I have a client that is subject to the Gilti tax as well and per my understanding, by filing a 962 election, it can be taxed at 1/2 the corporate rate of 10.5% and further be reduced by any foreign tax attributed to this income. The question seems to be what exactly do you need to put in the election and how is it reported on the return. Proconnect has a field where you can enter the 962 tax and the election (under Other Taxes, Schedule J). The tax then flows to Form 1040 Line 11 and a statement. In this case, does form 8992 not need to be used? I would appreciate if you could pass on any information you found out about this.
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Level 3

Also need answer for this :D. Have you found the solution?

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Level 1

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.

 

 

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