Glossary · Entity & Business
Form 8992
Form 8992 is where a US shareholder calculates GILTI — the current US tax on the profits of a controlled foreign corporation. Americans who own UK limited companies commonly file it alongside Form 5471.
US Shareholder Calculation of GILTI
In more detail
Form 8992 computes the Global Intangible Low-Taxed Income inclusion for a US shareholder of one or more controlled foreign corporations. For an American owning a UK company, it turns the profits of the company into a current US inclusion, subject to available deductions and credits. It works together with Form 5471 and Form 8993, and its outcome is often reduced by a Section 962 election.
Does Form 8992 apply to your situation?
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