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In addition to direct owners, a section 962 election can be made by an individual U.S. shareholder who is considered, by reason of section 958(b), to own stock of a foreign corporation owned (within the meaning of section 958(a)) by a domestic pass-through entity, including a partnership or an S corporation.
You can electronically file Form 8962, Premium Tax Credit (PTC), along with your federal income tax return. Filing electronically is the easiest way to file a complete and accurate tax return.
HOW A SECTION 962 ELECTION WORKS. When a U.S. individual makes a Section 962 election, the taxpayer is treated as owning the CFC through a fictitious domestic corporation. This enables the taxpayer to benefit from the 21-percent corporate tax rate as well as the Section 250 deduction (for GILTI purposes only).
962.. Accident - Injuries. 962H.. Hit Run - Injuries. 963.
Form 8962 is available on the IRS website and is free to download. 5 If youre filing taxes using electronic tax filing software, this form should be generated for you as you navigate through the programs questionnaire format.
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How do I generate the federal election for Section 962 in a 1040 return using worksheet view? Go to the General Federal Election worksheet. Select Section 21 - Individual Shareholder of a Controlled Foreign Corp to be Taxes at Corp Rate. In Lines 1-7 - Section 962, enter all applicable information.
You dont have to fill out or include Form 8962, Premium Tax Credit, when you file your federal taxes. Keep your Form 1095-A with your other tax records.
An IRC 962 election is an election to be taxed as a Corporation. And, most taxpayers would not want to elect to be treated as a corporation and then become double taxed. Then, came the Tax Cuts and Jobs Act TCJA and the introduction of GILTI and FDII.
In addition to direct owners, a section 962 election can be made by an individual U.S. shareholder who is considered, by reason of section 958(b), to own stock of a foreign corporation owned (within the meaning of section 958(a)) by a domestic pass-through entity, including a partnership or an S corporation.
In response to the rejection of an electronically filed return thats missing the Form 8962, individuals may refile a complete return by completing and attaching Form 8962 or a written explanation of the reasons for its absence.

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