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IRSCredits & Incentives (8800/8900 Series)

Official form guide

Form 8992-SB: 8992 (Schedule B)

Form 8992‑SB, Schedule B, is the supplemental schedule that reports a controlled foreign corporation’s (CFC) Global Intangible Low‑Tax Income (GILTI) for a U.S. shareholder. File it with the shareholder’s Form 8992 when calculating the GILTI inclusion for the tax year.

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Form Overview

IRS Form 8992-SB - 8992 (Schedule B)

Form 8992‑SB, Schedule B, is the supplemental schedule that reports a controlled foreign corporation’s (CFC) Global Intangible Low‑Tax Income (GILTI) for a U.S. shareholder. File it with the shareholder’s Form 8992 when calculating the GILTI inclusion for the tax year.

It captures the CFC’s tested income, tested loss, foreign taxes paid, and other adjustments used to compute the GILTI inclusion.

Risk Radar

Scan points
  • 1A single transposition error can trigger a penalty for underpayment of GILTI tax.
  • 2Mis‑classifying foreign earnings as tested income vs. tested loss
  • 3Using the wrong foreign tax credit amount
  • 4Omitting a CFC that meets the 10% ownership test
  • 5Transposing numbers between Schedule B and Form 8992

Plain English

If a U.S. person owns at least 10% of a foreign corporation, they may have to add that corporation’s GILTI to their U.S. taxable income. Schedule B breaks down the foreign corporation’s earnings, taxes paid, and other numbers needed to compute the GILTI amount on Form 8992.

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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Glossary Terms

intangibleforeignpersonincomeglobal

Hover a term to preview the meaning.

What this form is for

  • Use when you have a CFC and must report GILTI.
  • Do not use if you have no foreign corporation meeting the 10% ownership test.
  • If you only need to report the GILTI inclusion amount, use Form 8992 alone.

Form selector

Use this form or another form?

No CFC ownership

No GILTI required

✓ Verify ownership thresholds first

Form 1040 Schedule C

CFC with foreign tax credit election

Separate foreign tax credit claim

✓ Ensure credits are not double‑counted

Form 1118

Deadline or filing window

Attach Schedule B to the shareholder’s return and file by the return’s due date (generally April 15) or by the extended deadline if an extension is filed. The schedule must be submitted with the return; there is no separate deadline.

  • —Tested income | Total gross income – Deductions – Tested loss | Net tested income | Verify loss not double‑counted

Checklist

What you need before filling it out

1

Tested income

Financial statements of CFC · Income statement

⚠ May omit certain deductions✕ High
2

Foreign taxes paid

Foreign tax return or payment receipt · Tax authority documents

⚠ May use gross tax instead of net credit✕ Medium
3

Ownership percentage

Stock ledger or shareholder agreement · Corporate records

⚠ Forgetting indirect ownership✕ High
4

Adjusted basis

Prior year Form 8992 · Balance sheet

⚠ Basis errors affect GILTI✕ Medium

Before you submit

  1. 1All CFCs meeting the 10% test are listed
  2. 2Tested income and loss calculations match the CFC’s books
  3. 3Foreign tax credit amounts are taken from the foreign tax return
  4. 4Schedule B totals reconcile with Form 8992 line 1
  5. 5Numbers are entered without transposition errors
  6. 6Form 8992 and Schedule B use the same edition date
  7. 7Electronic attachment is confirmed in the software’s preview
  8. 8If filing paper, Schedule B is stapled to Form 8992
  9. 9Signature on the main return is present
  10. 10Copy of foreign tax documentation retained

How to file this form

  1. 1Log into your tax‑software and open the shareholder’s return.
  2. 2Select the GILTI module and choose to add Schedule B.
  3. 3Enter the CFC’s tested income, loss, and foreign taxes as prompted.
  4. 4Review the software‑generated Schedule B for arithmetic errors.
  5. 5Attach the completed Schedule B to Form 8992.
  6. 6File the return electronically or mail the paper package to the address in the instructions.
  7. 7Save a PDF copy of the submitted return and Schedule B for your records.

Known limitations

  1. 1The schedule does not calculate the GILTI amount; it only provides data for Form 8992.
  2. 2Foreign tax credit limits are applied on Form 1118, not on Schedule B.
  3. 3The form assumes the taxpayer has already determined CFC ownership percentages.
  4. 4No automatic validation of foreign tax documents is built into the schedule.

Field map

Compact field-by-field guide

6 fields

Entity Info

1 items

Taxpayer Name and TIN

Name and taxpayer ID of the entity claiming the credit.

Requiredtext

Credit Info

1 items

Credit Type

Type of credit or incentive being claimed.

Requiredselect

Calculation

2 items

Qualifying Amount

The base amount used to calculate the credit.

Requiredamount
Credit Amount

Calculated credit amount after applying formulas and limitations.

Requiredamount

Certification

1 items

Supporting Information

Detailed breakdown supporting the credit calculation.

text

Signatures

1 items

Signature

Sign and date the form.

Requiredsignature
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Current form status
IRS

Form 8992‑SB is currently released for tax years beginning after 2022. The latest edition is dated February 2024. Check the IRS website for any newer revisions before filing.

What changed or needs a fresh check

  • Edition date – verify the form is the February 2024 version or later
  • Fee – no filing fee for Schedule B
  • Mailing address – use the address in the Form 8992 instructions if filing paper
  • Electronic filing – confirm your tax software supports Schedule B attachment
  • Signature – Schedule B does not require a separate signature

Form Preview

Form 8992-SB page 1

Page 1

Form 8992-SB page 2

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Quick Facts

U.S. shareholders of a controlled foreign corporation who must file Form 8992.
It captures the CFC’s tested income, tested loss, foreign taxes paid, and other adjustments used to compute the GILTI inclusion.
Attach Schedule B to Form 8992 when filing the shareholder’s 2023 (or later) income tax return, generally by the return’s due date, including extensions.
File electronically with the taxpayer’s return through approved tax‑software, or mail the completed Schedule B with the paper Form 8992 to the IRS address listed in the Form 8992 instructions.
Errors in the tested income or foreign tax numbers can cause an incorrect GILTI amount, leading to under‑ or over‑payment and possible penalties.
1. Gather the CFC’s year‑end financial statements and foreign tax returns. 2. Calculate tested income and loss per the Form 8992 instructions. 3. Complete Schedule B line‑by‑line, entering foreign tax credits and other adjustments. 4. Transfer the resulting GILTI inclusion to Form 8992 and attach Schedule B to the shareholder’s return.

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After you file

  1. 1Store the electronic PDF of the filed Schedule B and supporting foreign tax documents.
  2. 2Reconcile the GILTI inclusion on your tax account with the IRS payment portal.
  3. 3Monitor any IRS notices for adjustments to the GILTI calculation.
  4. 4If you filed an extension, note the new filing deadline and ensure Schedule B is included.
  5. 5Update your corporate ownership ledger for the next tax year.
  6. 6Retain all records for at least seven years in case of audit.

Sources

  • SRCIRS Instructions for Form 8992Section on Schedule B (found on IRS.gov)
  • SRCForm 8992‑SB PDF header showing edition date February 2024
  • SRCIRS Publication 54GILTI overview (used for definition)
  • SRCForm 1118 instructionsforeign tax credit limits reference
  • SRCIRS filing address list for paper returns (noted in Form 8992 instructions)
  • SRCTax‑software support documentation confirming Schedule B attachment

Common confusion points

Tested income vs. tested loss

The terms are similar but opposite; check the income statement sign

→ Verify the sign on each line

Foreign tax credit vs. foreign tax paid

Credits may be limited; the schedule asks for the credit amount

→ Use Form 1118 to confirm the allowable credit

CFC definition

Ownership can be indirect through partnerships

→ Review the ownership chain carefully

Edition mismatch

Using an older Schedule B can cause line‑number differences

→ Confirm the edition date matches Form 8992

Workflow map

Related forms and next steps

4 signals

Before

Form 5471 – Information Return of U.S. Persons With Respect To Certain Foreign Corporations

Current

8992-SB

After

Form 1118 – Foreign Tax Credit – Corporations

Often used with

Form 8992 – GILTI Inclusion Calculation

⚠ If something goes wrong

  • Form 1040‑X – Amended U.S. Individual Income Tax Return

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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