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Federal input screens

Screen 962 - Section 962 Election (1040)

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General Information

Controlled foreign corporation (CFC)
Enter the name, EIN, address, and tax year of the Controlled foreign corporation.

Summary of Income

Section 951(a) income elected to be taxed at corporate rates
Enter the amount of Section 951(a) income from the CFC that the individual is electing to have taxed at the corporate rates.
Pro rata share of gross earnings and profits
Enter the pro rata share of gross earnings and profits from the CFC to be reported on the Section 962 Election Statement.
Foreign Taxes
Enter the foreign taxes paid to be reported on the Section 962 Election Statement.
Distributions
Enter the distributions of earnings and profits from the CFC to be reported on the Section 962 Election Statement.

Tax Summary

If this return has multiple units of the 962 screen, complete this section
only
 on the first unit of the 962 screen.
Tax on Section 951(a) income at corporate rates
Enter the amount of tax to be imposed on Section 951(a) income. This number will be included on line 5 of the Section 962 Election Tax Worksheet. Note that you may need to make adjustments to the 962 Election Tax Worksheet when using Schedule J or Form 8615 to calculate tax. Also, the 962 Election Tax Worksheet does not calculate when the Foreign Earned Income Tax Worksheet is calculating. In this case, you may need to manually enter an adjustment to total tax.
Explanation of computation of tax
Enter an explanation of the tax calculation for 951(a) income, per the Form 1040 instructions.

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