TaxFormFinder
California Alternative Minimum Tax and Credit Limitations - Residents
Extracted from PDF file 2024-california-form-540-schedule-p.pdf, last modified December 2024Alternative Minimum Tax and Credit Limitations - Residents
TAXABLE YEAR 2024 Alternative Minimum Tax and Credit Limitations — Residents CALIFORNIA SCHEDULE P (540) Attach this schedule to Form 540. Your SSN or I T I N Name(s) as shown on Form 540 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 deduction from Form 540, line 18, and go to line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . 00 2 Medical and dental expenses. Enter the smaller of federal Schedule A (Form 1040), line 4, or 2½% (.025) of federal Form 1040 or 1040-SR, line 11. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 ( . 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 (ISOs) 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 . 00 Do not include your state income tax refund on this line. 13 Other adjustments and preferences. Enter the amount, if any, for each item, a through I. See instructions. a Circulation expenditures . . . . 00 g Mining costs . . . . . . . . . . . . . 00 b Depletion . . . . . . . . . . . . . . . 00 h Patron’s adjustment . . . . . . . 00 c Installment sales . . . . . . . . . . 00 i Pollution control facilities . . . 00 d Intangible drilling costs . . . . 00 j Research and experimental . . 00 e Long-term contracts . . . . . . . 00 k Tax shelter farm activities . . . 00 f Loss limitations . . . . . . . . . . 00 l Related adjustments . . . . . . . 00 Add amounts on line a through line l, and enter total here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . 00 16 Net operating loss (NOL) deductions from Schedule CA (540), Part I, Section B, line 9b1, line 9b2, and line 9b3, column B. Enter as a positive amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 . 00 17 AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ( . 00 ) For Privacy Notice, get FTB 1131 EN-SP. 7971243 Schedule P (540) 2024 Side 1 18 If 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 ( . 00 ) 19 Combine line 14 through line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 . 00 20 Alternative minimum tax NOL deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 . 00 21 Alternative Minimum Taxable Income. Subtract line 20 from line 19 (if married/RDP filing separately and line 21 is more than $465,231, see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 . 00 22 . 00 23 Subtract line 22 from line 21. If zero or less, enter -0-. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . 00 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 2025, enter amount from line 26 on the 2025 Form 540-ES, California Estimated Tax Worksheet, line 16. (Exception: If you have carryover credit for solar energy or commercial solar energy, first enter the result on Side 4, Part III, Section C, line 23 or 24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 . 00 1 Enter the amount from Form 540, line 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . 00 2 Enter the tentative minimum tax from Part II, line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . 00 Single or married/RDP filing separately . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $244,857 Married/RDP filing jointly or qualifying surviving spouse/RDP . . . . . . . . . . . . . . . . . . . . $489,719 Head of household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $367,291 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 $337,678 $90,048 Married/RDP filing jointly or qualifying surviving spouse/RDP $450,238 $120,065 Married/RDP filing separately $225,115 $60,029 If Part I, line 21 is more than the amount shown above for your filing status, see instructions. } Part III Credits that Reduce Tax Note: Be sure to attach your credit forms to Form 540. Section A – Credits that reduce excess tax. 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. (a) Credit amount (b) Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (c) Tax balance that may be offset by credits (d) Credit carryover (c) Tax balance that may be offset by credits (d) Credit carryover A1 Credits that reduce excess tax and have no carryover provisions. 4 Code: 162 Prison inmate .labor credit (FTB 3507) (a) Credit amount (b)* Credit used this year 5 Code: 232 Child and .dependent care expenses credit (FTB 3506) (a) Credit amount (b)* Credit used this year *If the taxpayer is subject to the business credit limitation, the total of the business credits in Part III, Sections A and B, column (b) cannot exceed $5,000,000. See instructions. Side 2 Schedule P (540) 2024 7972243 A2 Credits that reduce excess tax and have carryover provisions. See instructions. 6 Code: Credit Name: (a) Credit amount 7 Code: (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (c) Tax balance that may be offset by credits (d) Credit carryover Credit Name: (a) Credit amount 8 Code: Credit Name: (a) Credit amount 9 Code: Credit Name: (a) Credit amount 10 Code: 188 Credit for prior year alternative .minimum tax (a) Credit amount (b)* Credit used this year 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) (a) Credit amount (b) Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover B1 Credits that reduce net tax and have no carryover provisions. 12 Code: 170 Credit for .joint custody head of household (a) Credit amount 13 Code: 173 Credit for .dependent parent (a) Credit amount 14 Code: 163 Credit for senior .head of household (a) Credit amount 15 Nonrefundable renter’s credit (a) Credit amount *If the taxpayer is subject to the business credit limitation, the total of the business credits in Part III, Sections A and B, column (b) cannot exceed $5,000,000. See instructions. 7973243 Schedule P (540) 2024 Side 3 B2 Credits that reduce net tax and have carryover provisions. See instructions. 16 Code: Credit Name: (a) Credit amount 17 Code: (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (b)* Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover (c) Tax balance that may be offset by credits (d) Credit carryover (c) Tax balance that may be offset by credits (d) Credit carryover (c) Tax balance that may be offset by credits (d) Credit carryover (c) Tax balance that may be offset by credits (d) Credit carryover Credit Name: (a) Credit amount 18 Code: Credit Name: (a) Credit amount 19 Code: Credit Name: (a) Credit amount B3 Other state tax credit. 20 Code: 187 Other state tax credit (a) Credit amount B4 Pass-through entity elective tax credit. See instructions. 21 Code: 242 Pass-through entity elective tax credit (a) Credit amount (b)* Credit used this year Section C – Credits that may reduce alternative minimum tax. 22 Enter your alternative minimum tax from Side 2, Part II, line 26 (a) Credit amount (b) Credit used this year 23 Code: 180 Solar energy credit carryover from Section B2, column (d) (a) Credit amount (b) Credit used this year 24 Code: 181 Commercial solar energy credit carryover from Section B2, column (d) (a) Credit amount (b) Credit used this year 25 Adjusted AMT. Enter the balance from line 24, column (c) here and on Form 540, line 61 (a) Credit amount (b) Credit used this year (c) Tax balance that may be offset by credits (d) Credit carryover *If the taxpayer is subject to the business credit limitation, the total of the business credits in Part III, Sections A and B, column (b) cannot exceed $5,000,000. See instructions. Side 4 Schedule P (540) 2024 7974243
2024 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
More about the California Form 540 Schedule P Individual Income Tax Tax Credit TY 2024
See instructions for information regarding California/federal differences.
We last updated the Alternative Minimum Tax and Credit Limitations - Residents in February 2025, so this is the latest version of Form 540 Schedule P, fully updated for tax year 2024. You can download or print current or past-year PDFs of Form 540 Schedule P directly from TaxFormFinder. You can print other California tax forms here.
eFile your California tax return now 
eFiling is easier, faster, and safer than filling out paper tax forms. File your California and Federal tax returns online with TurboTax in minutes. FREE for simple returns, with discounts available for TaxFormFinder users!
File Now with TurboTaxRelated California Individual Income Tax Forms:
TaxFormFinder has an additional 174 California income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the California Form 540 Schedule P.
| Form Code | Form Name |
|---|---|
| Form 540 Schedule CA | California Adjustments - Residents |
| Form 540 Schedule CA INS | Instructions and Forms for Schedule CA (540) |
| Form 540 Schedule D | California Capital Gain or Loss Adjustment |
| Form 540 Schedule G-1 | Tax on Lump-Sum Distributions |
| Form 540 Schedule D-1 | Sales of Business Property |
| Form 540 Schedule S | 2019 Instructions Schedule S |
View all 175 California Income Tax Forms
Form Sources:
California usually releases forms for the current tax year between January and April. We last updated California Form 540 Schedule P from the Franchise Tax Board in February 2025.
Form 540 Schedule P is a California Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of California Form 540 Schedule P
We have a total of fourteen past-year versions of Form 540 Schedule P in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2024 Form 540 Schedule P
2024 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
2023 Form 540 Schedule P
2023 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
2022 Form 540 Schedule P
2022 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
2021 Form 540 Schedule P
2021 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
2020 Form 540 Schedule P
2020 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
2019 Form 540 Schedule P
2019 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
2018 Form 540 Schedule P
2018 Schedule P (540) - Alternative Minimum Tax and Credit Limitations - Residents
2017 Form 540 Schedule P
2017 Schedule P (540) - Alternative Minimum Tax and Credit Limitations - Residents
2016 Form 540 Schedule P
Taxable Year 2016 Alternative Minimum Tax and Credit Limitations - Residents California Schedule P (540)
2015 Form 540 Schedule P
2015 Schedule P (540) -- Alternative Minimum Tax and Credit Limitations – Residents
2014 Form 540 Schedule P
2014 Schedule P (540) -- Alternative Minimum Tax and Credit Limitations – Residents
2013 Form 540 Schedule P
2013 Schedule P (540) -- Alternative Minimum Tax and Credit Limitations – Residents
2012 Form 540 Schedule P
2012 Schedule P (540) -- Alternative Minimum Tax and Credit Limitations – Residents
2011 Form 540 Schedule P
2011 Schedule P (540) -- Alternative Minimum Tax and Credit Limitations – Residents
TaxFormFinder Disclaimer:
While we do our best to keep our list of California Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.