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California Alternative Minimum Tax and Credit Limitations - Fiduciaries
Extracted from PDF file 2023-california-form-541-schedule-p.pdf, last modified November 2023Alternative Minimum Tax and Credit Limitations - Fiduciaries
TAXABLE YEAR 2023 Alternative Minimum Tax and Credit Limitations — Fiduciaries CALIFORNIA SCHEDULE P (541) Attach this schedule to Form 541. Names as shown on Form 541 Part I FEIN Fiduciary’s Share of Alternative Minimum Taxable Income (AMTI) 1 Adjusted total income (or loss). Enter the amount from Form 541, line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 00 2 Net operating loss (NOL) deduction, if any from Form 541, line 15a. Enter as a positive amount . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 00 3 Add line 1 and line 2, enter total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 00 Adjustments and tax preference items: 4 a Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a 00 b Personal property taxes and real property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b 00 c Miscellaneous itemized deductions from Form 541, line 15b . . . . . . . . . . . . . . . . . . . . . . . . . . . . c 00 d Refund of personal property taxes and real property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d ( 00 ) e Depreciation of property placed in service after 1986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e 00 f Circulation and research and experimental expenditures paid or incurred after 1986 . . . . . . . . . . f 00 g Mining exploration and development costs paid or incurred after 1986 . . . . . . . . . . . . . . . . . . . g 00 h Long-term contracts entered into after February 28, 1986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . h 00 i Amortization of pollution control facilities placed in service after 1986 . . . . . . . . . . . . . . . . . . . . . i 00 j Installment sales of certain property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . j 00 k Adjusted gain or loss (including incentive stock options) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . k 00 l Certain loss limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l 00 m Tax shelter farm activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . m 00 n Passive activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . n 00 o Beneficiaries of other trusts or decedent’s estates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . o 00 p Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 00 q Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . q 00 r California qualified stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r 00 s Other adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s 00 5 Combine line 4a through line 4s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 00 6 Add line 3 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 00 Alternative minimum taxable income deduction and exclusion: a Alternative minimum tax NOL deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7a 00 b AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b 00 c Add line 7a and 7b, enter total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7c 00 8 Adjusted alternative minimum taxable income. Subtract line 7c from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 00 9 Income distribution deduction from Part II, line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 00 10 Fiduciary’s share of alternative minimum taxable income. Subtract line 9 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 If line 10 is $58,111 or less and you are not claiming any credits, do not complete Part III and Part IV of this schedule. 7991233 Schedule P (541) 2023 Side 1 00 Part II Income Distribution Deduction on an Alternative Minimum Tax (AMT) Basis 1 Adjusted alternative minimum taxable income from Part I, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 00 2 Adjusted tax-exempt interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 00 3 Net capital gains from California Schedule D (541), line 9, column (a). If zero or less, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . 00 3 4 Capital gains allocable to corpus paid or set aside for charitable purposes from Form 541, Schedule A, line 4 . . . . . . . . . . . . . 4 00 5 Capital gains paid or permanently set aside for charitable purposes from current year’s income. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 00 6 Capital gains computed on an alternative minimum tax basis included in Part I, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 ( 00) 7 Capital losses computed on an alternative minimum tax basis included in Part I, line 8. Enter as a positive amount . . . . . . . . . 7 00 8 Distributable net alternative minimum taxable income (DNAMTI). Combine line 1 through line 7 . . . . . . . . . . . . . . . . . . . . . . . 8 00 9 Income required to be distributed currently from Form 541, Schedule B, line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 00 10 Other amounts paid, credited, or required to be distributed from Form 541, Schedule B, line 10 . . . . . . . . . . . . . . . . . . . . . . . 10 00 11 Total distributions. Add line 9 and line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 00 12 Tax-exempt income included on line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 00 13 Tentative income distribution deduction. Subtract line 12 from line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 00 14 Tentative income distribution deduction. Subtract line 2 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 00 15 Income distribution deduction on an AMT basis. Enter the smaller of line 13 or line 14 here and on Part I, line 9 . . . . . . . . . . 15 00 Part III Tentative Minimum Tax (TMT) and Alternative Minimum Tax (AMT) Computation 1 Enter the amount from Part I, line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Exemption amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 $ 58,111 00 3 Phase-out of exemption amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 217,924 00 4 Subtract line 3 from line 1. If zero or less, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 00 4 00 5 Multiply line 4 by 25% (.25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 00 6 Subtract line 5 from line 2. If zero or less, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 00 7 Subtract line 6 from line 1. If zero or less, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 00 8 Tentative minimum tax. Multiply line 7 by 7.0% (.07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 00 9 Regular tax before credits from Form 541, line 21a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 00 10 Alternative minimum tax. Subtract line 9 from line 8. If zero or less, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If there are no Part IV, Section C credits, enter this amount on Form 541, line 26 or Form 109, line 13 Side 2 Schedule P (541) 2023 7992233 10 00 Part IV Credits that Reduce Tax Note: Attach the credit forms to Form 541. 1 Enter the amount from Form 541, line 21, minus Form 541, line 22, but not less than zero . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 00 2 Tentative minimum tax from Part III, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 00 Section A – Credits that reduce excess tax. (a) (b) (c) (d) Credit Credit used Tax balance Credit amount this year to be offset carryover 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 A2 Credits that reduce excess tax and have carryover provisions. See instructions. 5 Code: ____ ____ ____ Credit Name:________________________________ 5 6 Code: ____ ____ ____ Credit Name:________________________________ 6 7 Code: ____ ____ ____ Credit Name:________________________________ 7 8 Code: ____ ____ ____ Credit Name:________________________________ 8 9 Code: 188 Credit for prior year alternative minimum tax . . . . . . . . . . . . . . . . . 9 Section B – Credits that may reduce tax below tentative minimum tax. 10 If Part IV, 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). . . . . . . . . . . . . 10 B1 Credits that reduce net tax and have carryover provisions. See instructions. 11 Code: ____ ____ ____ Credit Name: ______________________________ 11 12 Code: ____ ____ ____ Credit Name: ______________________________ 12 13 Code: ____ ____ ____ Credit Name: ______________________________ 13 14 Code: ____ ____ ____ Credit Name: ______________________________ 14 B2 Credits that reduce net tax and have no carryover provisions. 15 Code: 187 Other state tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 B3 Pass-through entity elective tax credit. See instructions. 16 Code: 242 Pass-through entity elective tax credit . . . . . . . . . . . . . . . . . . . . . . 16 Section C – Credits that may reduce alternative minimum tax. 17 Enter your alternative minimum tax from Part III, line 10 . . . . . . . . . . . . . . . . 17 18 Code: 180 Solar energy credit carryover from Section B1, column (d) . . . . . 18 19 Code: 181 Commercial solar energy credit carryover from Section B1, column (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 Adjusted AMT. Enter the balance from line 19, column (c) here and on Form 541, line 26, or Form 109, line 13 . . . . . . . . . . . . . . . . . . . . . . . 20 7993233 Schedule P (541) 2023 Side 3
2023 Schedule P (541) Alternative Minimum Tax and Credit Limitations — Fiduciaries
More about the California Form 541 Schedule P Corporate Income Tax Tax Credit TY 2023
It is required to attach this form to form 541 before filing. You must fill out your fiduciary's share of the alternative minimum taxable income from that year and other information relating to the alternative minimum tax basis.
We last updated the Alternative Minimum Tax and Credit Limitations - Fiduciaries in January 2024, so this is the latest version of Form 541 Schedule P, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 541 Schedule P directly from TaxFormFinder. You can print other California tax forms here.
Related California Corporate 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 541 Schedule P.
| Form Code | Form Name |
|---|---|
| Form 541 Schedule K-1 | Beneficiary's Share of Income, Deductions, Credits, etc. |
| Form 541 Schedule D | Capital Gain or Loss |
| Form 541 Schedule J | Trust Allocation of an Accumulation Distribution |
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 541 Schedule P from the Franchise Tax Board in January 2024.
Form 541 Schedule P is a California Corporate 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 Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of California Form 541 Schedule P
We have a total of thirteen past-year versions of Form 541 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 541 Schedule P
2023 Schedule P (541) Alternative Minimum Tax and Credit Limitations — Fiduciaries
2022 Form 541 Schedule P
2022 Calfornia Schedule P (541) Alternative Minimum Tax and Credit Limitations — Fiduciaries
2021 Form 541 Schedule P
2021 Schedule P (541), Alternative Minimum Tax and Credit Limitations — Fiduciaries
2020 Form 541 Schedule P
2020 Schedule P (541) Alternative Minimum Tax and Credit Limitations - Fiduciaries
2019 Form 541 Schedule P
2019 California Schedule P (541) Alternative Minimum Tax and Credit Limitations — Fiduciaries
2018 Form 541 Schedule P
2018 Calfornia Schedule P (541) - Alternative Minimum Tax and Credit Limitations — Fiduciaries
2017 Form 541 Schedule P
2017 Calfornia Schedule P (541) - Alternative Minimum Tax and Credit Limitations — Fiduciaries
2016 Form 541 Schedule P
2016 Schedule P (541) -- Alternative Minimum Tax and Credit Limitations -- Fiduciaries
2015 Form 541 Schedule P
2015 Schedule P (541) -- Alternative Minimum Tax and Credit Limitations — Fiduciaries
2014 Form 541 Schedule P
2014 Schedule P (541) -- Alternative Minimum Tax and Credit Limitations — Fiduciaries
2013 Form 541 Schedule P
2013 Schedule P (541) -- Alternative Minimum Tax and Credit Limitations — Fiduciaries
2012 Form 541 Schedule P
2012 Schedule P (541)
2011 Form 541 Schedule P
2011 Schedule P (541) -- Alternative Minimum Tax and Credit Limitations – Fiduciaries
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