Form 540 2017 Schedule P - Alternative Minimum Tax and Credit Limitations - Residents - California

Form 540 is a California Franchise Tax Board form also known as the "Schedule P (540) - Alternative Minimum Tax And Credit Limitations '- Residents". The latest edition of the form was released in January 1, 2017 and is available for digital filing.

Download an up-to-date fillable Form 540 in PDF-format down below or look it up on the California Franchise Tax Board Forms website.

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Alternative Minimum Tax and
TAXABLE YEAR
CALIFORNIA SCHEDULE
Credit Limitations — Residents
P (540)
2017
Attach this schedule to Form 540.
Name(s) 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.
1 If you itemized deductions, go to line 2. If you did not itemize deductions, enter your standard
00
deduction from Form 540, line 18, and go to line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
00
2 Medical and dental expense. Enter the smaller of Schedule A (Form 1040), line 4, or 2½% (.025) of Form 1040, line 37 . .
2
00
3 Personal property taxes and real property taxes. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
00
4 Certain interest on a home mortgage not used to buy, build, or improve your home. See instructions . . . . . . . . . . . . . . . . .
4
00
5 Miscellaneous itemized deductions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
(
00
)
6 Refund of personal property taxes and real property taxes. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Do not include your state income tax refund on this line.
00
7 Investment interest expense adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
00
8 Post-1986 depreciation. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
00
9 Adjusted gain or loss. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
00
10 Incentive stock options and California qualified stock options (CQSOs). See instructions . . . . . . . . . . . . . . . . . . . . .
10
00
11 Passive activities adjustment. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
00
12 Beneficiaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a . . . . . . . . . . . . . . . . . . . . .
12
13 Other adjustment and preferences. Enter the amount, if any, for each item, a through I, and enter the total on line 13. See instructions.
00
00
a Circulation expenditures . .
g Mining costs . . . . . . . . . . . .
00
00
b Depletion . . . . . . . . . . . . . .
h Patron’s adjustment. . . . . . .
00
00
c Installment sales . . . . . . . .
i
Pollution control facilities . .
00
00
d Intangible drilling costs . . .
j
Research and experimental .
00
00
e Long-term contracts . . . . .
k Tax shelter farm activities . .
00
00
f
Loss limitations . . . . . . . . .
l
Related adjustments . . . . . .
00
13 ______________________
00
14 Total Adjustments and Preferences. Combine line 1 through line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 ______________________
00
15 Enter taxable income from Form 540, line 19. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 ______________________
16 Net operating loss (NOL) deductions from Schedule CA (540), line 21b, line 21d, and line 21e, column B. Enter as
00
a positive amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 ______________________
00
(
)
17 AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 ______________________
18 If your federal adjusted gross income (AGI) is less than the amount for your filing status (listed below), skip this line and go
00
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $187,203
Married/RDP filing jointly or qualifying widow(er) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $374,411
Head of household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,808
00
19 Combine line 14 through line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 ______________________
00
20 Alternative minimum tax NOL deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 ______________________
21 Alternative Minimum Taxable Income. Subtract line 20 from line 19 (if married/RDP filing separately and line 21
00
is more than $355,690, see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 ______________________
Part II Alternative Minimum Tax (AMT)
22 Exemption 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
$258,168
$68,846
00
Married/RDP filing jointly or qualifying widow(er)
$344,225
$91,793
22 ______________________
Married/RDP filing separately
$172,110
$45,895
If Part I, line 21 is more than the amount shown above for your filing status, see instructions.
00
23 Subtract line 22 from line 21. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ______________________
00
24 Tentative Minimum Tax. Multiply line 23 by 7.0% (.07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 ______________________
00
25 Regular tax before credits from Form 540, line 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 ______________________
26 Alternative 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 2018, enter amount from
line 26 on the 2018 Form 540-ES, Estimated Tax Worksheet, line 16. (Exception: If you have carryover credit for solar
00
energy or commercial solar energy, first enter the result on Side 2, Part III, Section C, line 22 or 23) . . . . . . . . . . . . . . . . .
26 ______________________
Schedule P (540) 2017 Side 1
7971173
For Privacy Notice, get FTB 1131 ENG/SP.
Alternative Minimum Tax and
TAXABLE YEAR
CALIFORNIA SCHEDULE
Credit Limitations — Residents
P (540)
2017
Attach this schedule to Form 540.
Name(s) 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.
1 If you itemized deductions, go to line 2. If you did not itemize deductions, enter your standard
00
deduction from Form 540, line 18, and go to line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
00
2 Medical and dental expense. Enter the smaller of Schedule A (Form 1040), line 4, or 2½% (.025) of Form 1040, line 37 . .
2
00
3 Personal property taxes and real property taxes. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
00
4 Certain interest on a home mortgage not used to buy, build, or improve your home. See instructions . . . . . . . . . . . . . . . . .
4
00
5 Miscellaneous itemized deductions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
(
00
)
6 Refund of personal property taxes and real property taxes. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Do not include your state income tax refund on this line.
00
7 Investment interest expense adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
00
8 Post-1986 depreciation. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
00
9 Adjusted gain or loss. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
00
10 Incentive stock options and California qualified stock options (CQSOs). See instructions . . . . . . . . . . . . . . . . . . . . .
10
00
11 Passive activities adjustment. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
00
12 Beneficiaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a . . . . . . . . . . . . . . . . . . . . .
12
13 Other adjustment and preferences. Enter the amount, if any, for each item, a through I, and enter the total on line 13. See instructions.
00
00
a Circulation expenditures . .
g Mining costs . . . . . . . . . . . .
00
00
b Depletion . . . . . . . . . . . . . .
h Patron’s adjustment. . . . . . .
00
00
c Installment sales . . . . . . . .
i
Pollution control facilities . .
00
00
d Intangible drilling costs . . .
j
Research and experimental .
00
00
e Long-term contracts . . . . .
k Tax shelter farm activities . .
00
00
f
Loss limitations . . . . . . . . .
l
Related adjustments . . . . . .
00
13 ______________________
00
14 Total Adjustments and Preferences. Combine line 1 through line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 ______________________
00
15 Enter taxable income from Form 540, line 19. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 ______________________
16 Net operating loss (NOL) deductions from Schedule CA (540), line 21b, line 21d, and line 21e, column B. Enter as
00
a positive amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 ______________________
00
(
)
17 AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 ______________________
18 If your federal adjusted gross income (AGI) is less than the amount for your filing status (listed below), skip this line and go
00
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $187,203
Married/RDP filing jointly or qualifying widow(er) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $374,411
Head of household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,808
00
19 Combine line 14 through line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 ______________________
00
20 Alternative minimum tax NOL deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 ______________________
21 Alternative Minimum Taxable Income. Subtract line 20 from line 19 (if married/RDP filing separately and line 21
00
is more than $355,690, see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 ______________________
Part II Alternative Minimum Tax (AMT)
22 Exemption 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
$258,168
$68,846
00
Married/RDP filing jointly or qualifying widow(er)
$344,225
$91,793
22 ______________________
Married/RDP filing separately
$172,110
$45,895
If Part I, line 21 is more than the amount shown above for your filing status, see instructions.
00
23 Subtract line 22 from line 21. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ______________________
00
24 Tentative Minimum Tax. Multiply line 23 by 7.0% (.07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 ______________________
00
25 Regular tax before credits from Form 540, line 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 ______________________
26 Alternative 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 2018, enter amount from
line 26 on the 2018 Form 540-ES, Estimated Tax Worksheet, line 16. (Exception: If you have carryover credit for solar
00
energy or commercial solar energy, first enter the result on Side 2, Part III, Section C, line 22 or 23) . . . . . . . . . . . . . . . . .
26 ______________________
Schedule P (540) 2017 Side 1
7971173
For Privacy Notice, get FTB 1131 ENG/SP.
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
2 Enter the tentative minimum tax from Side 1, Part II, line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 _____________________
00
(a)
(b)
(c)
(d)
Credit
Credit used
Tax balance that
Credit
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: 232 Child and dependent care expenses credit (FTB 3506) . . . . . . . . . . . . . .
5
A2 Credits that reduce excess tax and have carryover provisions. See instructions.
6 Code:
____ ____ ____ Credit Name:
6
7 Code:
____ ____ ____ Credit Name:
7
8 Code:
____ ____ ____ Credit Name:
8
9 Code:
____ ____ ____ Credit Name:
9
10 Code: 188 Credit for prior year alternative minimum tax . . . . . . . . . . . . . . . . . . . . . 10
Section B – Credits that may reduce tax below tentative minimum tax.
11 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). . . . . . . . . . . . . . . . . 11
B1 Credits that reduce net tax and have no carryover provisions.
12 Code: 170 Credit for joint custody head of household . . . . . . . . . . . . . . . . . . . . . . . 12
13 Code: 173 Credit for dependent parent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Code: 163 Credit for senior head of household . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Nonrefundable renter’s credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
B2 Credits that reduce net tax and have carryover provisions. See instructions.
16 Code:
____ ____ ____ Credit Name:
16
17 Code:
____ ____ ____ Credit Name:
17
18 Code:
____ ____ ____ Credit Name:
18
19 Code:
____ ____ ____ Credit Name:
19
B3 Other state tax credit.
20 Code: 187 Other state tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Section C – Credits that may reduce alternative minimum tax.
21 Enter your alternative minimum tax from Side 1, Part II, line 26 . . . . . . . . . . . . . . . 21
22 Code: 180 Solar energy credit carryover from Section B2, column (d) . . . . . . . . . . 22
23 Code: 181 Commercial solar energy credit carryover from Section B2, column (d). . 23
24 Adjusted AMT. Enter the balance from line 23, column (c) here
and on Form 540, line 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
This space reserved for 2D barcode
Side 2 Schedule P (540) 2017
7972173
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