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Form 8992-SB: 8992 (Schedule B)
IRS Form 8992 (Schedule B) is used for the Calculation of Global Intangible Low-Taxed Income (GILTI) for Members of a U.S. Consolidated Group Who Are U.S. Shareholders of a CFC. This form is revised as of December 2022.
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IRS Form 8992-SB - 8992 (Schedule B)
IRS Form 8992 (Schedule B) is used for the Calculation of Global Intangible Low-Taxed Income (GILTI) for Members of a U.S. Consolidated Group Who Are U.S. Shareholders of a CFC. This form is revised as of December 2022.
Risk Radar
Scan points- 1Ensure you use the current edition: Revision Date must read 12-2022.
- 2Filing without providing the Name of U.S. parent corporation at the top of Form 8992.
- 3Omitting the EIN or Reference ID for a listed CFC in Part I.
- 4Incorrectly calculating the Pro Rata Share of Tested Income (Line g) in Part I.
- 5Failing to list all required amounts like GILTI Allocation Ratio (Line p) in Part I.
Plain English
This form helps report and calculate GILTI, which is a specific type of low-taxed income generated by foreign companies (CFCs) owned by U.S. groups. By filling out Form 8992, filers show how much of this income belongs to each U.S. shareholder within the group.
Submission Date
- Filing date: 2022-12-27 22:12:13
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when calculating Global Intangible Low-Taxed Income (GILTI) for members of a U.S. Consolidated Group who are U.S. Shareholders of a Controlled Foreign Corporation (CFC).
- Do not use it when reporting GILTI for an entity that is not part of a U.S. Consolidated Group or does not have U.S. shareholders in a CFC.
- Check the Instructions for Form 8992 instead when needing guidance on completing Schedule B.
Form selector
Use this form or another form?
Reporting amounts from Schedule I-1 (Form 5471)
Used to report CFC items at the U.S. Shareholder level
✓ Confirm all required fields are populated before moving to Part II.
Needing Computer-Generated Schedule B
The instructions section contains information on generating a computer version of this Schedule B
✓ Verify that the generated form matches the paper layout exactly.
Reporting CFC items at U.S. Shareholder level
This is the specific schedule used for these calculations
✓ Ensure Part II totals correctly flow from the individual CFC item reporting in Part I.
Deadline or filing window
The official source does not state a specific filing deadline for Form 8992. However, filers must consult the instructions for Form 8992 to determine the required date and any available extension periods.
Checklist
What you need before filling it out
Name of U.S. parent corporation
Name provided on Form 8992 · Part I (Top)
Tested Income (Part I, Line e)
Dollar amount reported for the CFC · Part I
Pro Rata Share of Tested Loss (Part I, Line h)
Calculated percentage share of loss for the CFC · Part I
GILTI Allocation Ratio (Part II, Line d)
Percentage used to allocate GILTI to a specific U.S. Shareholder · Part II
Consolidated QBAI (Part II, Line g)
Total Qualified Business Asset Investment of the Consolidated Group · Part II
Allocable Share of Consolidated Tested Loss (Part II, Line f)
Portion of the consolidated loss assigned to a specific U.S. Shareholder · Part II
Before you submit
- 1Verify that the Name of U.S. parent corporation is correctly entered.
- 2Confirm that all 15 fields in Part I are populated or explicitly left blank if zero.
- 3Check that the Pro Rata Share calculations for Tested Income and Loss (Part I) match instructions.
- 4Ensure the GILTI Allocation Ratio used in Part II is properly documented.
- 5Verify that the Consolidated QBAI on Part II, Line g matches the group total.
- 6Confirm the Allocable Share of Consolidated Specified Interest Expense (Part II, Line m) has been calculated correctly.
- 7Check that both Part I and Part II have corresponding 'Totals' lines filled out.
How to file this form
- 1Complete Part I by listing each CFC and reporting its Tested Income/Loss and Pro Rata Shares.
- 2Fill out the required fields in Part II for each U.S. Shareholder, including their Aggregate Tested Income and Allocable Loss shares.
- 3Calculate all necessary totals within both Part I and Part II as directed by the instructions.
- 4Sign and date Form 8992 (Schedule B) before mailing or submitting electronically to the IRS.
Known limitations
- 1Schedule B (Form 8992) applies to Members of a U.S. Consolidated Group who are U.S. Shareholders of a CFC.
- 2The form is used for the Calculation of Global Intangible Low-Taxed Income (GILTI).
- 3It requires reporting amounts from Schedule I-1 (Form 5471) and U.S. Shareholder-Level Reporting of CFC Items.
Field map
Compact field-by-field guide
Entity Info
1 items
Name and taxpayer ID of the entity claiming the credit.
Credit Info
1 items
Type of credit or incentive being claimed.
Calculation
2 items
The base amount used to calculate the credit.
Calculated credit amount after applying formulas and limitations.
Certification
1 items
Detailed breakdown supporting the credit calculation.
Signatures
1 items
Sign and date the form.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is Revision December 2022 (Rev. 12-2022). The form directs users to www.irs.gov/Form8992 for instructions and the latest information.
What changed or needs a fresh check
- Edition date — confirm Revision December 2022 (Rev. 12-2022)
- Form Number — confirm Schedule B (Form 8992)
- IRS Website Reference — confirm the link to www.irs.gov/Form8992 is present
- Part I Section Header — confirm 'CFC-Level Reporting of Amounts From Schedule I-1' is listed
- Part II Section Header — confirm 'U.S. Shareholder-Level Calculations' is listed
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Schedule B (Form 8992).
- 2Refer to instructions before completing this Schedule B.
- 3If using computer-generated versions, see the Instructions for Form 8992 regarding that output.
- 4Consult the Instructions for Form 8992 for details on the Paperwork Reduction Act Notice.
Sources
- SRCForm p.1 — The official title is Schedule B (Form 8992) and it relates to the Calculation of Global Intangible Low-Taxed Income (GILTI).
- SRCForm p.1 — Part I covers CFC-Level Reporting of Amounts From Schedule I-1 (Form 5471) and U.S. Shareholder-Level Reporting of CFC Items.
- SRCForm p.2 — Part I details the items reported at the CFC-Level, including Pro Rata Share of QBAI (i) and GILTI Allocation Ratio (p).
- SRCForm p.3 — Part II begins the U.S. Shareholder-Level Calculations, starting with Name of U.S. Shareholder and EIN.
- SRCForm p.4 — Part II continues the U.S. Shareholder-Level calculations, listing items such as Consolidated QBAI (g) and Deemed Tangible Income Return (DTIR) (i).
- SRCNot stated in the official source — verify on the agency site
Common confusion points
What information do I put in Part I regarding CFC-Level Reporting?
This section reports amounts from Schedule I-1 (Form 5471) at the CFC level, covering both tested income/loss and various allocated items.
→ Ensure you list the Name of CFC, its EIN or Reference ID, and the name/EIN of the U.S. Shareholder for each entry.
Where do the Pro Rata Shares come from in Part I?
For each reported item (like Tested Income, QBAI, etc.), you must calculate and report the Pro Rata Share associated with that item for the CFC.
→ Check if the source requires a specific calculation method; otherwise, ensure the ratio is clearly documented.
What are the key items listed in Part I beyond basic income/loss?
Besides Tested Income (e) and Tested Loss (f), you must report Pro Rata Share of QBAI (g), Pro Rata Share of Tested Interest Expense (h), Pro Rata Share of Tested Interest Income (i), GILTI Allocation Ratio (j), and the final GILTI Allocated to Tested Income CFCs (k).
→ Verify that all 10 item lines listed in Part I are populated for every entry.
What is the difference between Part I totals and Part II calculations?
Part I summarizes the amounts reported at the CFC level, while Part II performs the U.S. Shareholder-Level Calculations using those figures to determine aggregate income/loss and allocated shares.
→ Confirm that the Totals from Part I feed directly into the respective fields in Part II (e.g., Aggregate Tested Income).
What items are calculated in Part II for the U.S. Shareholder?
The shareholder calculates their own Aggregate Tested Income, Allocable Share of Consolidated Tested Loss, Consolidated QBAI, Allocable Share of Consolidated QBAI, Deemed Tangible Income Return (DTIR), and then reports consolidated/allocable shares for Interest Expense and Income.
→ Check that the final items reported in Part II include DTIR and the two specific interest expense allocations.
When filling out the columns for Part I, what does 'GILTI Allocation Ratio' represent?
This ratio (listed as item j) is a specific calculation required within Part I to determine how GILTI is allocated among the tested income CFCs.
→ Confirm this ratio is calculated based on the figures provided in Part I before moving to Part II.
What must be done for each entry when filling out Part II?
For every U.S. Shareholder listed, you must complete both Section 1 (Aggregate Tested Income/Loss) and Section 2 (Consolidated Items), ensuring all corresponding fields are populated.
→ Ensure the Name of U.S. Shareholder and their EIN are correctly placed at the top of Part II before filling in the data.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Go to www.irs.gov/Form8992 — This website provides instructions and the latest information for Form 8992.
Questions about IRS Form 8992-SB
What is IRS Form 8992-SB used for?
This form helps report and calculate GILTI, which is a specific type of low-taxed income generated by foreign companies (CFCs) owned by U.S. groups. By filling out Form 8992, filers show how much of this income belongs to each U.S. shareholder within the group.
Who must file IRS Form 8992-SB?
U.S. Members of a Consolidated Group who are U.S. Shareholders of a Controlled Foreign Corporation (CFC) must file IRS Form 8992.
What information does IRS Form 8992-SB require?
The form collects detailed information across several parts, including Part I for CFC-Level Reporting of Amounts From Schedule I-1 (Form 5471) and U.S. Shareholder-Level Reporting of CFC Items. It also includes specific calculations in Parts II on pages 3 and 4.
When is IRS Form 8992-SB due?
The official source does not state a specific filing deadline, but filers must reference the instructions for Form 8992 for timing information.
Where do I file IRS Form 8992-SB?
The form can be filed by going to www.irs.gov/Form8992 for general instructions and the latest information. The source implies routing through the IRS service centers mentioned in the instructions.
How do I complete IRS Form 8992-SB?
The filer must first provide the Name and EIN of the U.S. parent corporation at the top of Form 8992. Then, Part I details various amounts (like Tested Income or QBAI) for each CFC/U.S. Shareholder pairing before moving to the shareholder-level calculations in Part II.
What happens if IRS Form 8992-SB is filed incorrectly?
While no specific penalty is listed on Schedule B itself, failure to complete this schedule correctly will impact the calculation of GILTI for Members of a U.S. Consolidated Group.
What information do I put in Part I regarding CFC-Level Reporting?
This section reports amounts from Schedule I-1 (Form 5471) at the CFC level, covering both tested income/loss and various allocated items. Ensure you list the Name of CFC, its EIN or Reference ID, and the name/EIN of the U.S. Shareholder for each entry.
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