Instructions for IRS Form 8992 U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti)

IRS Form 8992 U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti)

This document contains official instructions for IRS Form 8992 , U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8992 is available for download through this link.

FAQ

Q: What is IRS Form 8992?
A: IRS Form 8992 is used by U.S. shareholders to calculate Global Intangible Low-Taxed Income (GILTI).

Q: Who should file IRS Form 8992?
A: U.S. shareholders, including individuals, corporations, and partnerships, who have GILTI income need to file Form 8992.

Q: What is GILTI?
A: GILTI stands for Global Intangible Low-Taxed Income and is a category of income related to certain intangible assets held by foreign corporations.

Q: How do I calculate GILTI?
A: Form 8992 provides a step-by-step calculation process for determining GILTI, including determining the pro-rata share of GILTI for each U.S. shareholder.

Q: Are there any penalties for failing to file IRS Form 8992?
A: Yes, there can be penalties for failing to file Form 8992, so it's important to ensure compliance with the IRS requirements.

Q: Can I claim any deductions on IRS Form 8992?
A: Yes, there are deductions available on Form 8992 that can help reduce the taxable amount of GILTI.

Q: Can I e-file IRS Form 8992?
A: As of now, the IRS does not allow electronic filing of Form 8992. It must be filed by mail.