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Fill Out a Valid California 540 Schedule P Template

The California 540 Schedule P form is used by residents to report Alternative Minimum Taxable Income (AMTI) and to calculate any applicable tax credits. This schedule must be attached to Form 540 when filing state income taxes. Understanding how to accurately complete this form is essential for ensuring compliance with California tax regulations.

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Overview

The California 540 Schedule P form is an essential document for residents filing their state income tax returns, particularly when it comes to calculating the Alternative Minimum Tax (AMT). This form helps taxpayers determine their Alternative Minimum Taxable Income (AMTI) and any necessary adjustments or preferences that may apply. It includes various lines where individuals can report deductions, such as medical expenses, property taxes, and certain interest payments. Additionally, it addresses credits that can reduce tax liability, ensuring that taxpayers are aware of potential benefits. Understanding this form is crucial for accurately assessing tax obligations and maximizing any applicable credits. By completing the Schedule P, taxpayers can navigate the complexities of California's tax system and ensure compliance while potentially lowering their overall tax burden.

California 540 Schedule P Preview

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TAXABLE YEAR	ALTERNATIVE MINIMUM TAX AND	CALIFORNIA SCHEDULE
	ALTERNATIVE MINIMUM TAX AND
2012	CREDIT LIMITATIONS — RESIDENTS	P (540)

ATTACH THIS SCHEDULE TO FORM 540.

NAMES AS SHOWN ON FORM 540

YOUR SSN OR ITIN

- -

PART I Alternative Minimum Taxable Income (AMTI) Important: See instructions for information regarding California/federal differences.

1If you itemized deductions, go to line 2. If you did not itemize deductions, enter your standard

	deduction from Form 540, line 18, and go to line 6	.▌	1
2	Medical and dental expense. Enter the smaller of Schedule A (Form 1040), line 4, or 2½% (.025) of Form 1040, line 37 . . .	.▌	2
3	Personal property taxes and real property taxes. See instructions	▌	3
4	Certain interest on a home mortgage not used to buy, build, or improve your home. See instructions	▌	4
5	Miscellaneous itemized deductions. See instructions	▌	5
6	Refund of personal property taxes and real property taxes. See instructions	▌	6	(
	Do not include your state income tax refund on this line.	▌
7	Investment interest expense adjustment. See instructions	▌	7
8	Post-1986 depreciation. See instructions	▌	8
9	Adjusted gain or loss. See instructions	▌	9
10	Incentive stock options and California qualiﬁed stock options (CQSOs). See instructions	▌ 10
11	Passive activities adjustment. See instructions	▌ 11
12	Beneﬁciaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a	▌ 12

13Other adjustment and preferences. Enter the amount, if any, for each item, a through m, and enter the total on line 13. See instructions.

Circulation expenditures

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Mining costs

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Depletion

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Patron’s adjustment

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Installment sales

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Research and experimental

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Intangible drilling costs .

▐

Pollution control facilities .

▐

Long-term contracts . . .

▐

Qualiﬁed small business stock ▐

Loss limitations

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Tax shelter farm activities .

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m Related adjustments

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▐ 13

14 Total Adjustments and Preferences. Combine line 1 through line 13

. . . . . . . . . . . . . . . .

. .

. ▌ 14

15 Enter taxable income from Form 540, line 19. See instructions .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . .

. ▌ 15

16Net operating loss (NOL) deductions from Schedule CA (540), line 21d and line 21e, column B. Enter as a positive amount. ▌ 16

17 AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▌ 17 (

18If your federal adjusted gross income (AGI) is less than the amount for your ﬁling status (listed below), skip this line and go

to line 19. If you itemized deductions and your federal AGI is more than the amount for your ﬁling status, see instructions. ▌ 18 (

	Single or married/RDP ﬁling separately	$169,730
	Married/RDP ﬁling jointly or qualifying widow(er)	$339,464
	Head of household	$254,599
19	Combine line 14 through line 18	. . . . . . . . . . . . . . . . . . . . . . . ▌ 19
20	Alternative minimum tax NOL deduction. See instructions	. . . . . . . . . . . . . . . . . . . . . . . ▌ 20

21Alternative Minimum Taxable Income. Subtract line 20 from line 19 (if married/RDP ﬁling separately and line 21

is more than $322,495, see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART II Alternative Minimum Tax (AMT)

22Exemption Amount. (If this schedule is for a certain child under age 24, see instructions.)

	If your ﬁling status is:	And line 21 is not over:	Enter on line 22:
	Single or head of household	$234,072	$62,420	}	▌ 22
	Married/RDP ﬁling jointly or qualifying widow(er)	312,095	83,225		▌ 22
	Married/RDP ﬁling separately	156,047	41,612
	If Part I, line 21 is more than the amount shown above for your ﬁling status, see instructions.
23	Subtract line 22 from line 21. If zero or less, enter -0-	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . .	. . . . . . .	. 23
24	Tentative Minimum Tax. Multiply line 23 by 7.0% (.07)		. . . . . . . . . . . . . . . . .	. . . . . . .	▌ 24
25	Regular tax before credits from Form 540, line 31 . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . .	. . . . . . .	▌ 25

26Alternative Minimum Tax. Subtract line 25 from line 24. If zero or less, enter -0- here and on Form 540, line 61. If more

than zero, enter here and on Form 540, line 61. If you make estimated tax payments for taxable year 2013, enter amount from line 26 on the 2013 Form 540-ES, Estimated Tax Worksheet, line 16. (Exception: If you have carryover credit for solar

energy or commercial solar energy, ﬁrst enter the result on Side 2, Part III, Section C, line 24 or 25) . . . . . . . . . . . . . . . . . . ▌ 26

00)

For Privacy Notice, get form FTB 1131.

7971123

Schedule P (540) 2012 (REV 02-14) Side 1

PART III Credits that Reduce Tax Note: Be sure to attach your credit forms to Form 540.

1	Enter the amount from Form 540, line 35				1		00
1	Enter the amount from Form 540, line 35	. . . .	. . . . . . . . . . . . .	. . . . . . . . . . . . . .	1		00
2	Enter the tentative minimum tax from Side 1, Part II, line 24	. . . .	. . . . . . . . . . . . .	. . . . . . . . . . . . . .	2.		00
2					2.		00
			(a)	(b)	(c)	(d)
			Credit	Credit used	Tax balance that	Credit
SECTION A – Credits that reduce excess tax.			amount	this year	may be offset	carryover
SECTION A – Credits that reduce excess tax.					by credits
3	Subtract line 2 from line 1. If zero or less enter -0- and see instructions.
	This is your excess tax which may be offset by credits	3
A1 Credits that reduce excess tax and have no carryover provisions.
4	Code: 162 Prison inmate labor credit (FTB 3507)	4
5	Code: 169 Enterprise zone employee credit (FTB 3553)	5
6	Code: ____ ____ ____ New Home Credit or First Time Buyer Credit	6
7	Code: 232 Child and dependent care expenses credit (FTB 3506)	7
A2 Credits that reduce excess tax and have carryover provisions. See instructions.						▌
8	Code: ▌____ ____ ____ Credit Name:	8				▌
9	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	9				▌
10	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	10				▌
11	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	11				▌
12	Code: 188 Credit for prior year alternative minimum tax	12	▌	▌		▌
SECTION B – Credits that may reduce tax below tentative minimum tax.
13	If Part III, line 3 is zero, enter the amount from line 1. If line 3 is more than
	zero, enter the total of line 2 and the last entry in column (c)	13
B1 Credits that reduce net tax and have no carryover provisions.
14	Code: 170 Credit for joint custody head of household	14
15	Code: 173 Credit for dependent parent	15
16	Code: 163 Credit for senior head of household	16
17	Nonrefundable renter’s credit	17
B2 Credits that reduce net tax and have carryover provisions. See instructions.						▌
18	Code: ▌____ ____ ____ Credit Name:	18				▌
19	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	19				▌
20	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	20				▌
21	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	21				▌
B3 Other state tax credit.
22	Code: 187 Other state tax credit	22
SECTION C – Credits that may reduce alternative minimum tax.
23	Enter your alternative minimum tax from Side 1, Part II, line 26	23
24	Code: 180 Solar energy credit carryover from Section B2, column (d)	24				▌
25	Code: 181 Commercial solar energy credit carryover from Section B2, column (d) . .	25				▌
26	Adjusted AMT. Enter the balance from line 25, column (c) here
	and on Form 540, line 61	26

Side 2 Schedule P (540) 2012

7972123

⇓ California 540 Schedule P PDF Form

Document Features

Fact Name	Details
Purpose	The California 540 Schedule P form is used to calculate Alternative Minimum Tax (AMT) for residents.
Governing Law	This form is governed by California Revenue and Taxation Code Sections 17062 and 17062.5.
Filing Requirement	Taxpayers must attach Schedule P to their California Form 540 when required to calculate AMT.
Alternative Minimum Taxable Income (AMTI)	AMTI is calculated by adjusting regular taxable income with specific preferences and adjustments.
Exemption Amounts	Exemption amounts vary based on filing status, ranging from $41,612 to $83,225.
Tax Rate	The AMT rate is set at 7% of the taxable income exceeding the exemption amount.
Itemized Deductions	Taxpayers who itemized deductions must consider specific limitations when calculating AMTI.
Credits	Schedule P includes sections for various tax credits that can reduce the AMT liability.
Net Operating Losses (NOL)	NOL deductions can be applied to reduce AMTI, but specific rules apply.
Important Instructions	Taxpayers should refer to the instructions for detailed information on California and federal tax differences.

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