Form 8992 is used by a US shareholder of a controlled foreign corporation (CFC) to calculate their Global Intangible Low-Taxed Income (GILTI) inclusion.
A CFC is a foreign corporation having more than 50% of the total combined voting power or value owned (directly, indirectly, or constructively) by US shareholders.
A shareholder needs to file Form 8992 with their annual income tax return if they own:
- 10% or more of the total combined voting power of all the classes of voting stock of the CFC, or
- 10% or more of the total value of shares of all classes of stock of the CFC.
Form 8992 is not currently supported in TaxSlayer ProWeb, and a PDF copy of the form cannot be attached to an e-filed return. You can complete a copy at the IRS website here, print it, and attach it to the individual tax return that will be filed in paper form. Read the Form 8992 instructions before attempting to complete the form.
In the individual tax return, the bottom line of Form 8992 is reported in Other Income on Schedule 1 (Form 1040).
Additional Information:
IRS: Instructions for Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI)