How to generate Form 8992 in Lacerte

This article will assist you with generating Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), in Lacerte.

Note for Form 8992

Part II & Schedule A, columns (g) through (l) will not complete when Part I Line 3 is not greater than zero.

If the amount on line 3 is greater than zero, complete Schedule A, columns (g) through (l).

If the amount on line 3 is zero or negative, do not complete Part II of the form or Schedule A, columns (g) through (l). Include Form 8992 and Schedule A with your return.

Schedule A (Form 8992) column G will not complete when there is a tested loss. If the taxpayer has a tested loss for a particular CFC, no entry should be made for that CFC for QBAI. See here for more.

To generate Form 8992 in an Individual return:

1. Go to Screen 89, Global Intangible Low-Taxed Income (8992).
2. Select the blue Name ID and Number link in the left navigation menu.
3. Enter any applicable fields in the Person Filing Return and Shareholder Information section.
4. Select the applicable CFC from the left navigation menu.
5. Locate the Global Intangible Low-Taxed Income (8992) section.
6. Enter the Name of CFC.
   • This field is mandatory for e-file.
7. 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.
8. 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

To generate Form 8992 in an S-Corporation return:

For tax year 2022 and newer:

1. Go to Screen 20, Income & Deductions
2. In the Income (Loss) section enter '1' in the field "1=elected to be treated as owning stock of a CFC within the meaning of section 958(a) under Proposed Regulations section 1.958-1(e)(2)(for Section 951A(a) Income Inclusions) (code 303)

For tax year 2021:

1. Go to Screen 3.1, Misc. Info. / Other Info.
2. Check the box for "Elected to be treated as an entity under Notice 2020-69 (for Section 951A(a)Income Inclusions) (code 38)