Form Ftb 3510 - Credit For Prior Year Alternative Minimum Tax - Individuals Or Fiduciaries - 2012 Page 2
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3Instructions for Form FTB 3510
Credit for Prior Year Alternative Minimum Tax — Individuals or Fiduciaries
References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2009, and to the California Revenue and Taxation Code (R&TC).
What’s New
• Paid AMT for 2011, and had 2011
enter -0- on line 4 of form FTB 3510.
adjustments and tax preference items other
Otherwise, enter on line 4 of form FTB 3510,
For taxable years beginning on or after
than exclusions.
the amount from line 10 of Schedule P (541)
January 1, 2012, California has reinstated the
Corporations must use Schedule P (100 or
adjusted for the beneficiary’s exclusion items.
Net Operating Loss (NOL) carryover deduction.
100W), Alternative Minimum Tax and Credit
Line 2 – Enter the adjustments and tax
Limitations – Corporations, Part III to claim the
preference items treated as exclusions.
General Information
credit for prior year AMT.
Schedule P (540 and 540NR) filers, combine
your 2011 Schedule P (540 and 540NR), Part I,
Net Operating Loss – For taxable years
C Exclusions and Deferral
line 1 through line 7, line 13b, and line 13i. Do
beginning in 2010 and 2011, California
Preferences
not include any amount from line 12 of your
suspended the NOL carryover deduction.
2011 Schedule P (540 and 540NR). Instead,
Taxpayers continued to compute and carryover
The 2011 AMT you paid is attributable to two
include the exclusion items from line 12e,
NOLs during the suspension period. However,
types of adjustments and tax preferences,
column (d) of your Schedule K-1 (541),
taxpayers with a modified adjusted gross
exclusions and deferral preferences. The
Beneficiary’s Share of Income, Deductions,
income of less than $300,000 or with disaster
amount of AMT attributable to the deferral
Credits, etc. for 2011.
loss carryovers were not affected by the NOL
preferences is available as a credit in 2012.
suspension rules. For more information, get
If you included any exclusions on a line other
Exclusions are those adjustments and
form FTB 3805V, Net Operating Loss (NOL)
than those listed above, add these exclusions
preference items that cause a permanent
Computation and NOL and Disaster Loss
to the total.
difference in the amount of tax you pay. The
Limitations – Individuals, Estates and Trusts.
Line 3 – Determine your 2011 Alternative
adjustments and preference items include all of
The carryover periods for any NOL or NOL
Minimum Tax Credit Net Operation Loss
the following:
carryover, for which a deduction is disallowed
Deduction (AMTCNOLD) and the AMTCNOLD
• The standard deduction or itemized
because of the 2008-2011 suspension, are
that may be carried over to other years by
deductions.
extended by:
following the provisions set forth under
• Depletion.
R&TC Section 17276.2, 17276.3, 17276.20,
• One year for losses incurred in taxable
Deferral preferences are adjustments and tax
17276.21, and 17276.22 with appropriate
years beginning on or after January 1,
preference items that cause only a temporary
modifications taken into account for exclusion
2010, and before January 1, 2011.
difference in the amount of tax you pay. The
items.
• Two years for losses incurred in taxable
deferral preferences are all the other items
years beginning before January 1, 2010.
Line 4 – If line 4 is zero and you paid 2011
listed on your 2011 Schedule P (540, 540NR,
• Three years for losses incurred in taxable
AMT, all of the 2011 AMT is attributable to the
or 541) that are not exclusions.
years beginning before January 1, 2009.
deferral preferences. Enter -0- on line 13, then
Use form FTB 3510, Part I, to figure the
• Four years for losses incurred in taxable
complete Part I, Section B, if applicable, and
amount of 2011 AMT that was attributable to
years beginning before January 1, 2008.
Part II to figure the credit available for 2012.
only the exclusions.
Tax Computation for Certain Children with
Married/RDP taxpayers filing separate
Use form FTB 3510, Part II, to figure the
Investment Income – For taxable years
California tax returns: Complete the following
amount of 2011 AMT that was attributable
beginning on or after January 1, 2010,
computation if line 4 is more than $316,481:
to the deferral preferences and the amount
California conforms to the provision of the
1. Enter the amount from line 4 . . . . _______
available as a credit in 2012.
Small Business and Work Opportunity Tax Act
2. Maximum exemption amount . . $316,481
of 2007, which increased the age of children
In 1993, California conformed to the federal
to 18 and under or a student under age 24,
3. Subtract line 2 from line 1 . . . . . _______
repeal of the AMT depletion adjustment for
for elections made by parents reporting their
independent oil and gas producers and royalty
4. Multiply line 3 by 25% (.25) . . . . _______
child’s interest and dividends.
owners. As a result, for AMT purposes follow
5. Enter the smaller of line 4 or
the methods prescribed by the federal rules
Registered Domestic Partner (RDP) – For
$40,836 . . . . . . . . . . . . . . . . . . . . _______
to adjust the depletion amounts deducted
purposes of California income tax, references
6. Add line 1 and line 5. Enter the
from income for purposes of computing the
to a spouse, husband, or wife also refer to a
result here and replace the amount
regular tax. Your California depletion costs may
California RDP, unless otherwise specified.
on form FTB 3510, line 4 with this
continue to differ from the federal amounts
amount . . . . . . . . . . . . . . . . . . . . _______
A Purpose
because of prior differences in the law and
differences in basis.
Line 9 – Enter the smaller of (1) the amount
Use form FTB 3510, Credit for Prior Year
by which line 5 exceeds line 8 or (2) the child’s
Alternative Minimum Tax - Individuals or
2011 earned income plus $6,800, if the child
Specific Line Instructions
Fiduciaries, to figure your 2012 California
did not file a joint return for 2011, at least one
credit for prior year alternative minimum tax
parent was alive at the end of 2011, and one of
Complete your 2012 Schedule P (540) through
(AMT) incurred in a taxable year beginning
the following statements is true.
Part II, line 24; Schedule P (540NR) through
after 1986.
Part II, line 43; or Schedule P (541) through
1. The child was under age 18 at the end of
Part III, line 8, before figuring this credit.
2011.
B Who Must File
Line 1 – Estates and trusts: Skip line 1 through
2. The child was age 18 at the end of 2011
To claim the credit for prior year AMT,
line 3. Complete a second 2011 Schedule P
and did not have earned income that was
individuals and fiduciaries must complete form
(541), Part I and Part II. Enter only exclusion
more than half of their support.
FTB 3510. Individuals and fiduciaries qualify
items from Schedule P (541), line 4a through
3. The child was a full-time student over age
for the credit if one of following applies:
line 4d and any other exclusion items on
18 and under age 24 at the end of 2011 and
• Had an AMT credit carryover from 2011.
Schedule P (541), line 4p. If the amount on
did not have earned income that was more
Schedule P (541), Part I, line 10 is zero or less,
than half of their support.
FTB 3510 Instructions 2012 Page 1
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