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Form 8992, U.S. Shareholder GILTI Calculation, page 1
Basic · 31/100Form Complexity Index

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What this form asks for

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Form 8992, U.S. Shareholder Calculation of GILTI, is used to calculate the Global Intangible Low-Taxed Income for U.S. shareholders. It is important for reporting foreign income accurately and ensuring compliance with U.S. tax laws.
Fillable fields14
Pages1
Sections5
Form Complexity IndexBasic, 31/100

The AI checks your answers before you download

15 checks built for this form, so a wrong date or a missing answer is caught before anyone else sees it.

Ensures the latest IRS guidance and form version for Form 8992, Schedule A, and Schedule B are being used as per December 2023 revision.

The software ensures that the version of Form 8992, along with its Schedules A and B, is the most current as per the December 2023 revision. It checks against the IRS database to confirm that the form aligns with the latest guidance and updates. This validation is crucial to avoid using outdated forms that may lead to incorrect calculations or non-compliance. The system alerts the user if a newer version is available and provides a link to the latest form if necessary.

Confirms that all sections of Form 8992 and its schedules are completed according to the step-by-step instructions provided by the IRS.

The software confirms that every section of Form 8992 and its accompanying schedules are filled out in accordance with the detailed instructions from the IRS. It cross-references each entry with the official step-by-step guidelines to ensure accuracy and completeness. The system highlights any sections that are incomplete or deviate from the instructions, prompting the user to review and correct the information before submission. This check is designed to minimize errors and omissions that could lead to processing delays or penalties.

Verifies that the 'What's New' and 'Reminders' sections have been reviewed for any updates or changes affecting the filing.

The software verifies that the user has acknowledged and reviewed the 'What's New' and 'Reminders' sections of the form, which may contain critical updates or changes that affect the current filing. It ensures that these sections have been considered and that any relevant changes are incorporated into the form. The system prompts the user to confirm their review of these sections, helping to maintain compliance with the latest tax regulations and avoiding potential oversights.

Checks eligibility for a deduction under section 250 and refers to Form 8993 if applicable.

The software checks the eligibility criteria for a deduction under section 250 and determines whether the user should also complete Form 8993. It analyzes the data entered in Form 8992 to identify if the deduction is applicable and guides the user to the relevant sections of Form 8993 if necessary. This validation ensures that users take advantage of all available deductions, thereby potentially reducing their taxable income and ensuring compliance with tax laws.

Confirms that domestic partnerships have completed Schedule K-2 (Form 1065), Part VI, and Schedule K-3 (Form 1065), Part VI, in lieu of Form 8992.

The software confirms that domestic partnerships, which are required to complete Schedule K-2 (Form 1065), Part VI, and Schedule K-3 (Form 1065), Part VI, have done so correctly instead of using Form 8992. It ensures that these schedules are properly filled out and that all necessary information is provided. The system alerts the user if it detects that the required schedules are missing or incomplete, thereby helping partnerships to meet their specific filing obligations.

Attachment and Timely Filing

Ensures that the U.S. Shareholder Calculation of GILTI form is properly attached to the taxpayer's income tax return. It verifies that the form is filed by the due date, including any extensions that may apply. This check is crucial to avoid any penalties associated with late submissions. The system also confirms that all necessary schedules and documentation are included with the form upon submission.

And 9 more checks
  • Consolidated Filing for U.S. Groups
  • S Corporation Compliance
  • Penalty Compliance
  • Correction Procedures
  • Verifies that a statement identifying the changes is attached to the corrected Form 8992
  • Checks if a treaty-based return position applies and ensures Form 8833 is filed if necessary
  • Confirms that all required information, such as the name and identifying numbers of the CFCs, tested income, tested loss, and other relevant amounts, is accurately entered
  • Ensures that copies of the completed forms are kept for records and are available to be provided upon request
  • Verifies that the taxpayer is aware of the Paperwork Reduction Act Notice regarding the confidentiality of tax returns and return information

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How to Fill Out Form 8992 Online for Free in 2026

What the AI walks you through.

  1. Visit instafill.ai site and select Form 8992.
  2. Enter your name and identifying number.
  3. Fill in the net controlled foreign corporation tested income.
  4. Complete the calculation of GILTI section.
  5. Sign and date the form electronically.
  6. Check for accuracy and submit the form.

Common Mistakes in Completing Form 8992

The ones the AI is built to catch.

Neglecting to attach Form 8992 to the income tax return
Failure to attach Form 8992, U.S. Shareholder Calculation of Subpart F Income and Global Intangible Low-Taxed Income (GILTI), to the income tax return can result in significant delays in processing and potential penalties. To avoid this mistake, ensure that Form 8992 is properly completed and attached to the income tax return before filing. It is recommended to review the instructions carefully and complete all required sections to the best of your ability before attaching the form.
Entering incorrect or incomplete information about the Controlled Foreign Corporations (CFCs)
Providing incorrect or incomplete information about the CFCs, such as their names or identifying numbers, can lead to errors in the calculation of GILTI and Subpart F income. To prevent this mistake, double-check all information provided about the CFCs, including their names, taxpayer identification numbers, and foreign addresses. It is also recommended to maintain accurate records of these details throughout the year to ensure their accuracy when completing the form.
Neglecting to calculate and report tested income and tested loss correctly
Calculating and reporting tested income and tested loss incorrectly can result in significant errors in the calculation of GILTI and Subpart F income. To avoid this mistake, carefully review the instructions for calculating tested income and tested loss and ensure that all required adjustments are made. It is also recommended to consult with a tax professional if you have any doubts or uncertainties regarding the calculations.
Overlooking the requirement to complete Schedule A and Schedule B if applicable
Failure to complete Schedule A, Net CFC Investment Income and Deductions, and Schedule B, Net CFC Tested Income and Loss, if applicable, can result in errors in the calculation of GILTI and Subpart F income. To prevent this mistake, carefully review the instructions and determine if these schedules are required for your situation. If so, ensure that they are completed accurately and attached to Form 8992.
Ignoring the due date for filing Form 8992, including extensions
Filing Form 8992 late, including extensions, can result in penalties and delays in processing. To avoid this mistake, be aware of the due date for filing Form 8992 and ensure that it is filed on time. If an extension is needed, apply for it before the due date to avoid any potential penalties.
Overlooking 'What's New' and 'Reminders' sections for updates or changes
The U.S. Shareholder Calculation of GILTI form is subject to periodic updates and changes. Failing to review these sections may result in using outdated or incorrect information. To avoid this mistake, make it a habit to check for updates and changes before filling out the form. You can also sign up for IRS email notifications or visit their website regularly to stay informed about any modifications.
Unawareness of penalties for failure to report required information
The U.S. Shareholder Calculation of GILTI form requires the reporting of specific information related to foreign income and assets. Neglecting to provide this information can result in penalties. To avoid this mistake, familiarize yourself with the reporting requirements and deadlines. Make sure to gather all necessary documentation and double-check your calculations before submitting the form.
Forgetting to write 'Corrected' at the top of the form when filing an amended return
If you need to file an amended return for the U.S. Shareholder Calculation of GILTI form, it's essential to write 'Corrected' at the top of the form. Failing to do so may result in processing delays or potential confusion. To avoid this mistake, make sure to write 'Corrected' clearly and prominently at the top of the form before submitting it.
Neglecting to keep copies of the completed forms for records
Maintaining accurate records is essential when dealing with tax-related matters. Neglecting to keep copies of completed U.S. Shareholder Calculation of GILTI forms can make it difficult to provide proof of compliance if needed. To avoid this mistake, make sure to keep copies of all completed forms in a secure location.
Ignoring the Paperwork Reduction Act Notice regarding confidentiality of tax returns
The Paperwork Reduction Act Notice on the U.S. Shareholder Calculation of GILTI form reminds taxpayers that they are required to keep their tax returns confidential. Ignoring this notice can result in unintended disclosures of sensitive information. To avoid this mistake, read and understand the Paperwork Reduction Act Notice before filling out the form.

Frequently Asked Questions About Form 8992

 

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How does the AI fill out Form 8992?
You answer a few questions in plain words, or upload a document you already have. The AI reads what you give it and puts each answer into the right field of Form 8992, on every page, in seconds. It checks the answers against the form's own rules, and you review and change anything before you download, print or sign.
What happens to my information?
It is encrypted in transit and at rest, and it is never used to train AI.
How complex is Form 8992 to fill out?
Form 8992 has a Form Complexity Index of 31 out of 100, in the basic tier: 14 fillable fields across 1 page. Instafill.ai's AI fills it in under a minute, with every field there for you to review before you download.
What is Form 8992 U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI) used for?
Form 8992 is used by U.S. shareholders to calculate their Global Intangible Low-Taxed Income (GILTI) for tax purposes.
Who is required to file Form 8992?
U.S. shareholders are required to file Form 8992 if they have an ownership interest in a Controlled Foreign Corporation (CFC) and meet certain other conditions.
What is the difference between Part I and Part II of Form 8992?
Part I of Form 8992 is used to calculate Net CFC Tested Income, while Part II is used to calculate Global Intangible Low-Taxed Income (GILTI).
What is Net CFC Tested Income?
Net CFC Tested Income is the sum of a U.S. shareholder's pro rata share of net tested income and net tested loss from a Controlled Foreign Corporation (CFC).
What is Deemed Tangible Income Return (DTIR)?
Deemed Tangible Income Return (DTIR) is the amount of income that is included in a U.S. shareholder's income as GILTI, based on a 10% return on the shareholder's net CFC tested income.
What is the purpose of calculating GILTI?
The purpose of calculating GILTI is to determine the U.S. tax liability of a U.S. shareholder with respect to their ownership in a Controlled Foreign Corporation (CFC).
What is a Controlled Foreign Corporation (CFC)?
A Controlled Foreign Corporation (CFC) is a foreign corporation in which U.S. shareholders own more than 50% of the total combined voting power or total value of shares.
What is the tax rate for GILTI?
The tax rate for GILTI is currently 10.5% for individuals and 13.125% for corporations, but these rates can change.
What is the deadline for filing Form 8992?
Form 8992 is typically due on the same date as the U.S. shareholder's income tax return, including extensions.
What is Specified Interest Expense?
Specified Interest Expense refers to the interest expense that is allocated to a U.S. shareholder's pro rata share of the Controlled Foreign Corporation's (CFC) tested income. This expense is a significant component in calculating the U.S. shareholder's Global Intangible Low-Taxed Income (GILTI).
How is Net DTIR calculated?
Net DTIR (Deemed Tangible Income Return) is calculated by subtracting Specified Interest Expense from the Deemed Tangible Income (DTI). DTI represents the CFC's gross tested income, minus the net tested interest and royalties, and adjusted for certain items. Net DTIR represents the net income or loss that would be attributed to a U.S. shareholder if they were considered the owner of the CFC's assets and liabilities.
What is GILTI?
GILTI, or Global Intangible Low-Taxed Income, is the amount of income that is included in a U.S. shareholder's income as a result of their ownership in a CFC. It is calculated by subtracting Net DTIR from Net CFC Tested Income. GILTI is subject to U.S. tax under the Subpart F income rules.
What is the deadline for filing Form 8992?
Form 8992, U.S. Shareholder Calculation of Subpart F Income (and Related Global High Taxed Income) and GILTI, is typically due on the same date as the U.S. shareholder's income tax filing deadline, including any extensions. It is essential to consult the IRS guidelines or consult with a tax professional for the most accurate and up-to-date information.
What information is required in Part I of Form 8992?
Part I of Form 8992 requires the U.S. shareholder to report their Net CFC Tested Income and Net CFC Tested Loss. Net CFC Tested Income represents the shareholder's pro rata share of the CFC's tested income, while Net CFC Tested Loss represents the shareholder's pro rata share of the CFC's tested loss. These figures are essential for calculating the U.S. shareholder's GILTI and determining their U.S. tax liability.
What information is required in Part II of Form 8992 for U.S. Shareholder Calculation of GILTI?
Part II of Form 8992 requires the following information for U.S. Shareholder Calculation of GILTI:\n1. Deemed Tangible Income Return (DTIR)\n2. Specified Interest Expense\n3. Net DTIR
What is the purpose of the sequence number on Form 8992 for U.S. Shareholder Calculation of GILTI?
The sequence number on Form 8992 for U.S. Shareholder Calculation of GILTI is used to identify the order in which the form is processed by the IRS.
What is the OMB No. for Form 8992 for U.S. Shareholder Calculation of GILTI?
The OMB No. for Form 8992 for U.S. Shareholder Calculation of GILTI is 1545-0123.
Where can I find instructions for completing Form 8992 for U.S. Shareholder Calculation of GILTI?
Instructions for completing Form 8992 for U.S. Shareholder Calculation of GILTI can be found on the IRS website (www.irs.gov/Form8992).
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