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How to generate Form 8992 in Lacerte
by Intuit• Updated 9 months ago
This article will assist you with generating Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), in Lacerte.
To generate Form 8992 in an Individual return:
- Go to Screen 89, Global Intangible Low-Taxed Income (8992).
- Click the blue Name ID and Number link in the left navigation menu.
- Enter any applicable fields in the Person Filing Return and Shareholder Information section.
- Select the applicable CFC from the left navigation menu.
- 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
To generate Form 8992 in an S-Corporation return:
For tax year 2022 and newer:
- Go to Screen 20, Income & Deductions
- 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:
- Go to Screen 3.1, Misc. Info. / Other Info.
- Check the box for "Elected to be treated as an entity under Notice 2020-69 (for Section 951A(a)Income Inclusions) (code 38)
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