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us-ca/form/ftb/2024/schedule-p-540-instructions — 2024 Instructions for Schedule P 540 · Axiom
Axiom
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California
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Form
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Ftb
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2024
2024 Instructions for Schedule P 540
72 sections
2024 Instructions for Schedule P (540) Alternative Minimum Tax and Credit Limitations – Residents
what’s New
General Information
Registered Domestic Partners (RDPs)
Pass-Through Entity (PTE) Elective Tax Credit
Elective Tax for PTE and Credit for Owners
Net Operating Loss (NOL) Carrybacks
Small Business Accounting/Percentage of Completion Method
Tax Computation for Certain Children with Investment Income
Estimated Tax Payments
A. Purpose
B. Who Must File
C. Record Keeping
D. Partnerships, S Corporations, Limited Liability Companies (LLCs), Estates, or Trusts
E. Credit for Prior Year Alternative Minimum Tax
F. Additional Information
G. Alternative Minimum Taxable Income (AMTI) Exclusion
Registered Domestic Partners
Line 2 – Medical and dental expenses
Line 3 – Personal property taxes and real property taxes
Line 4 – Certain interest on a home mortgage
Line 5 – Miscellaneous itemized deductions
Line 6 – Refund of personal property taxes and real property taxes
Line 7 – Investment interest expense adjustment
Line 8 – Post-1986 depreciation
Property placed in service before 1999
Property placed in service after 1998
Line 9 – Adjusted gain or loss
Line 11 – Passive activities adjustment
Line 13 – Other adjustments and preferences
Line 13a – Circulation expenditures
Line 13b – Depletion
Line 13c – Installment sales
Line 13d – Intangible drilling costs (IDCs)
Line 13e – Long-term contracts
Line 13f – Loss limitations
Line 13g – Mining costs
Line 13h – Patron's adjustment
Line 13i – Pollution control facilities
Line 13j – Research and experimental costs
Line 13k – Tax shelter farm activities
Line 13l – Related adjustments
Line 15 – Taxable income
Line 17 – AMTI exclusion
Line 18 – Itemized deductions limitation
Line 20 – AMT net operating loss (NOL) deduction
Step 1 – AMT NOL for prior year:
Step 2 – AMT NOL carryover to the current year:
Step 3 – AMT NOL deduction for the current year:
Line 21 – Alternative minimum taxable income (AMTI)
Line 22 – Exemption amount
Certain Children Under Age 24
Exemption Worksheet
Line 23
Part III Credits That Reduce Tax
How to compute the limitation
Use Part III to determine the following:
Before you begin Part III:
To complete Part III:
Section A Instructions
Section A1 Instructions
Section A2 Instructions
Section B1 Instructions
Section B2 Instructions
Section B3 Instructions
Section B4 Instructions
Section C Instructions
Column (a) through Column (d) Instructions
How to Claim your Credits
Franchise Tax Board Privacy Notice on Collection
Credit Table Instructions
Credit Table
