Fillable California Schedule S - Other State Tax Credit Form

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TAXABLE YEAR

CALIFORNIA SCHEDULE

2005

Other State Tax Credit

Attach to Form 540, Long Form 540NR, or Form 541.

Your social security number

Name(s) as shown on your California tax return

FEIN

Part I Double-Taxed Income (Read Specific Line Instructions for Part I before completing this part.)

(a) Income item(s) description

(b) Double-taxed income taxable by California

_______________________________________

$ ______________________________________

$ _____________________________________

_______________________________________

______________________________________

_______________________________________

______________________________________

1 Total double-taxed income . . . . . . . . . . . . . . . .

$ ______________________________________

$ _____________________________________

Part II Figure Your Other State Tax Credit (Read Specific Line Instructions for Part II before completing this part.)

2 California tax liability. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 ______________________

3 Double-taxed income taxable by California. Enter the amount from Part I, line 1, column (b) . . . . . . . . . . . . . . . . . . . . . . . . . .

3 ______________________

4 California adjusted gross income. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 ______________________

5 Divide line 3 by line 4 (100% maximum) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 ______________________

6 Multiply line 2 by the percentage on line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 ______________________

7 Income tax liability paid to name of other state (use states abbreviation) ___________________________

See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 ______________________

8 Double-taxed income taxable by other state. Enter the amount from Part I, line 1, column (c) . . . . . . . . . . . . . . . . . . . . . . . . .

8 ______________________

9 Adjusted gross income taxable by other state. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 ______________________

10 Divide line 8 by line 9 (100% maximum) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 ______________________

11 Multiply line 7 by the percentage on line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 ______________________

❚

12 Other state tax credit. Enter the smaller of line 6 or line 11. Use Credit Code 187. See instructions . . . . . . . . . . . . . . . . . . .

12 ______________________

Important: See sections C and D for a complete

• Form 540X, Amended Individual Income Tax

General Information

list of states and U.S. possessions for which the

Return, if you filed Form 540 or Long

other state tax credit is allowed. See section H

Form 540NR; or

Taxpayers may qualify for a credit for income taxes

for a description of the source of various types of

• Form 541, California Fiduciary Income Tax

paid to another state when the same income that is

income.

Return, if you filed Form 541. Check “Amended

taxed by the other state is also taxed by California.

return” box below fiduciary address area on

Effective for all open tax years, other state income

Beneficiaries of estates or trusts, partners of

Side 1.

taxes which are paid to the other state do not

partnerships, members of LLCs classified as

necessarily have to be in the same year, as long as

partnerships, and shareholders of S corporations

C California Residents

the taxes relate to the same transaction. For further

that paid a net income tax to another state on

information, see Cal. Code Regs., tit. 18

California resident individuals or estates and trusts

income that must be reported to California may

section 18001-1(c).

that derived income from sources within any of the

also claim the other state tax credit. See

following states or U.S. possessions and paid a net

sections F and G for details.

You must attach this schedule and a copy of your

income tax to that state or U.S. possession on

return(s) filed with the other state(s) to your

B Application of the Credit

income that is also taxed by California may claim

California return. Partners of partnerships,

the other state tax credit:

members of limited liability companies (LLCs)

Credit is allowed for net income taxes paid to

classified as partnerships for tax purposes, and

another state (not including any tax comparable

Alabama, American Samoa, Arkansas, Colorado,

shareholders of S corporations, see section G.

to California’s alternative minimum tax) on

Connecticut, Delaware, Georgia, Hawaii, Idaho,

income that is also subject to California tax. The

Illinois, Iowa, Kansas, Kentucky, Louisiana,

Note: If you e-file, you do not need to submit

credit is applied against California net tax, less

Maine, Maryland, Massachusetts, Michigan,

returns filed with other states with your California

other credits. The credit cannot be applied

Minnesota, Mississippi, Missouri, Montana,

return. Retain a copy of other state tax returns,

against California alternative minimum tax.

Nebraska, New Hampshire (business profits tax),

along with a copy of this form for your records.

New Jersey, New Mexico, New York,

When a joint return is filed in California, the

A Purpose

North Carolina, North Dakota, Ohio, Oklahoma,

entire amount of tax paid to the other state may

Pennsylvania, Puerto Rico, Rhode Island,

be used in figuring the credit, regardless of

If you are an individual filing a California personal

South Carolina, Utah, Vermont, Virginia (dual

which spouse paid the other state tax or whether

income tax return or an estate or trust filing a

residents*), Virgin Islands, West Virginia,

a joint or separate return is filed in the other

California fiduciary income tax return, use this form

Wisconsin, and the District of Columbia

state.

to claim a credit against California tax for net

(unincorporated business tax and income tax, the

income taxes imposed by and paid to another state

When a joint return is filed in the other state and

latter for dual residents only).

or U.S. possession.

separate California returns are filed, the credit is

California residents who are included in a

allowed in proportion to the income reported on

Residents of California may claim a credit only if the

nonresident composite partnership or S corporation

each California return.

income taxed by the other state has a source within

return filed with the states listed above as well as

the other state under California law. No credit is

If, after paying tax to the other state, you get a

Arizona, Indiana, Oregon, or Virginia may also claim

allowed if the other state allows California residents

refund or credit due to an amended return,

a credit for their share of income taxes paid to these

a credit for net income taxes paid to California.

computation error, audit, etc., you must report

states, unless any of these states allow a credit for

the refund or credit immediately to the Franchise

Nonresidents of California may claim a credit only

taxes paid to California on the composite return.

Tax Board (FTB). Prepare a revised Schedule S

for net income taxes imposed by and paid to their

California residents who are shareholders in a Texas

and attach it to:

states of residence and only if such states do not

S corporation may claim the other state tax credit

allow their residents a credit for net income taxes

for the tax paid by the Texas S corporation on its net

paid to California.

taxable earned surplus. The corporation must be

S05103

Schedule S 2005

California Schedule S - Other State Tax Credit Form - 2005

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