This article will assist you with generating Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), in the Individual return.
To generate Form 8992 in the program:
- From the Input Return tab, go to Miscellaneous Forms ⮕ Global Intangible Low-Taxed income (8992).
- Click the blue Name ID and Number link in the top-right of the input screen.
- Enter any applicable fields in the Person Filing Return and Shareholder Information section.
- Select the blue Back to CFC link in the top-right of the input screen.
- Locate the Global Intangible Low-Taxed Income (8992) section.
- Enter the Name of CFC.
- This field is mandatory for e-file.
- Enter the EIN if the CFC has one. Otherwise, leave this field blank and enter their Reference ID. Only enter one ID or the other.
- Enter any other applicable fields in this section:
- Tested income (in U.S. dollars)
- Tested loss (in U.S. dollars)
- Pro rata share of tested income
- Pro rata share of tested loss
- Pro rata share of qualified business asset investment (QBAI) (in U.S. dollars)
- Pro rata share of tested loss QBAI amount
- Pro rata share of tested interest income
- Pro rata share of tested interest expense
- 1=delete this year, 2=delete next year