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California Alternative Minimum Tax and Credit Limitations - Residents
Extracted from PDF file 2023-california-form-540-schedule-p.pdf, last modified December 2023Alternative Minimum Tax and Credit Limitations - Residents
TAXABLE YEAR 2023 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 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 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 (ISOs) 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 13 Other adjustments and preferences. Enter the amount, if any, for each item, a through I. See instructions. a Circulation expenditures . . . b Depletion . . . . . . . . . . . . . . c Installment sales . . . . . . . . . d Intangible drilling costs . . . e Long-term contracts . . . . . . f Loss limitations . . . . . . . . . 14 15 16 17 | 00 | 00 | 00 | 00 | 00 | 00 g h i j k l Mining costs . . . . . . . . . . . . . Patron’s adjustment . . . . . . . Pollution control facilities . . . Research and experimental . Tax shelter farm activities . . . Related adjustments . . . . . . . AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 00 00 00 00 00 00 13 14 15 00 00 00 16 17 ( 00 00 ) 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 ( Single or married/RDP filing separately . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $237,035 Married/RDP filing jointly or qualifying surviving spouse/RDP . . . . . . . . . . . . . . . . . . . . $474,075 Head of household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $355,558 19 Combine line 14 through line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 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 is more than $450,368, 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 $326,891 $87,171 Married/RDP filing jointly or qualifying surviving spouse/RDP $435,855 $116,229 22 Married/RDP filing separately $217,924 $58,111 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-. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 Tentative Minimum Tax. Multiply line 23 by 7.0% (.07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 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 2024, enter amount from line 26 on the 2024 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 2, Part III, Section C, line 23 or 24) . . . . . . . . . . . . . . . . . 26 } 7971233 00 00 00 00 00 ) | 00 | 00 | 00 | 00 | 00 | 00 Add amounts on line a through line I, and enter total here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Adjustments and Preferences. Combine line 1 through line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enter taxable income from Form 540, line 19. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . For Privacy Notice, get FTB 1131 EN-SP. 00 Schedule P (540) 2023 Side 1 00 ) 00 00 00 00 00 00 00 00 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Enter the tentative minimum tax from Side 1, Part II, line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a) Credit amount Section A – Credits that reduce excess tax . (b) Credit used this year 00 1 _____________________ 00 2 _____________________ (c) Tax balance that may be offset 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. . . . . . . . . . . . . . . . . . . . . . . . 13 Code: 173 Credit for dependent parent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Code: 163 Credit for senior head of household. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Nonrefundable renter’s credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B2 Credits that reduce net tax and have carryover provisions . See instructions. 16 Code: ____ ____ ____ Credit Name: 17 Code: ____ ____ ____ Credit Name: 18 Code: ____ ____ ____ Credit Name: 19 Code: ____ ____ ____ Credit Name: B3 Other state tax credit . 12 13 14 15 16 17 18 19 20 Code: 187 Other state tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 B4 Pass-through entity elective tax credit . See instructions. 21 Code: 242 Pass-through entity elective tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Section C – Credits that may reduce alternative minimum tax . 22 23 24 25 Enter your alternative minimum tax from Side 1, Part II, line 26. . . . . . . . . . . . . . . . Code: 180 Solar energy credit carryover from Section B2, column (d). . . . . . . . . . . Code: 181 Commercial solar energy credit carryover from Section B2, column (d).. . Adjusted AMT. Enter the balance from line 24, column (c) here and on Form 540, line 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 23 24 25 This space reserved for 2D barcode Side 2 Schedule P (540) 2023 7972233 (d) Credit carryover
2023 Schedule P (540) Alternative Minimum Tax and Credit Limitations - Residents
More about the California Form 540 Schedule P Individual Income Tax Tax Credit TY 2023
See instructions for information regarding California/federal differences.
We last updated the Alternative Minimum Tax and Credit Limitations - Residents in January 2024, so this is the latest version of Form 540 Schedule P, fully updated for tax year 2023. 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.
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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 S | 2019 Instructions Schedule S |
| Form 540 Schedule D-1 | Sales of Business Property |
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 January 2024.
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 thirteen 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:
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
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