Instructions For Schedule P (Form 541) - Alternative Minimum Tax And Credit Limitations - Fiduciaries - 2013 Page 6

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Section B2 Instructions
identified in the Credit Table on the next page. Be sure to attach the
credit form to your tax return if one is required.
Line 16 – If you have an other state tax credit, complete column (a)
through column (c).
To complete Part IV:
Section C Instructions
• Complete line 1 through line 3 to figure the amount of excess tax you
may offset by credits.
Line 18 and Line 19 – If you have any of the credits listed in this
• Identify which sections of Part IV you may take your tax credits.
section, complete column (a) through column (d) for each credit in the
Credits without carryover provisions are listed on Schedule P (541)
order listed.
in Section A1 and Section B2 and may be taken only in those
Column Instructions – In column:
sections. The table on the next page identifies the sections of Part IV
(a) Enter the amount of credit available to offset tax.
in which you may take these tax credits.
• If you have credits in Section B, be sure to complete line 11 in
(b) Figure the amount of credit you are able to use this year by entering
addition to the lines for your credits.
the smaller of the amount in column (a) or the amount in column (c)
• If your credit is taken in Section A2 or Section B1, enter the credit
from the previous line.
code and the credit name in the space provided. Refer to the Credit
(c) Figure the amount of tax remaining to be offset by other credits
Table for the credit code.
by subtracting the amount in column (b) from the balance in
• Complete column (a) through column (d) for each line on which
column (c) of the previous line.
you are taking a credit. Refer to “Column Instructions” in the next
(d) Enter the amount of credit carryover available to use in future
column.
years by subtracting the amount in column (b) from the amount in
• If your credits are taken in more than one section, complete each
column (a).
section before going to the next section.
• Once you have completed Part IV, see “How to Claim Your Credits”
Credit Table Instructions
on this page.
To use the table:
Section A Instructions
1. Find your credits listed in the tables on the next page.
2. See which sections are identified in the columns under “Offset Tax in
Line 3 – Subtract line 2 from line 1. If the amount is zero or less, go
Section:”
to Question 1. If the amount is greater than zero, go to the Section A1
3. Take the credit only in sections the table identifies for your credit.
instructions.
4. Use the credit in the earliest section possible.
1. Does the Credit Table show that you may take your credit ONLY in
5. Complete each section before going to the next section.
Section A1 or Section A2?
How to Claim Your Credits:
Yes
You may not take the credit this year. Go to question 2.
Form 541 filers: If only one credit is claimed, enter the credit code and
No
Go to Section B to figure the amount of credit you may take
amount of the credit from Part IV, column (b), on Form 541, line 23.
this year. Then continue to Section C if your credit is listed in
If two or more credits are claimed, add the amounts from Part IV,
that section.
column (b), line 4 through line 10 and line 12 through line 16. Enter the
2. Does the credit have carryover provisions?
total on Form 541, line 23.
Yes
Enter the credit code, credit name, and credit amount in column
Form 109 filers: Enter the New Jobs Credit (if claimed) from Part IV,
(a) of the section indicated by the table. Enter -0- in column (b).
column (b) on form FTB 3527, line 22a and on Form 109, Exempt
Enter the credit amount in column (d). This is the amount of the
Organization Business Income Tax Return, line 11b. Enter any other
credit you may carry over and use in future years.
credits from column (b) on Form 109, Schedule B, Tax Credits. See
No
You may not take the credit this year or in future years.
Form 109 instructions.
Credit for Prior Year Alternative Minimum Tax
The prior year AMT credit must be applied before any credits that can
reduce the regular tax below the TMT. Get form FTB 3510, Credit for
Prior Year Alternative Minimum Tax - Individuals or Fiduciaries, to see if
the estate or trust qualifies for the credit.
Section A1 Instructions
Lin
e 4 and Line 5 – If you have any of the credits listed in this section,
complete column (a) through column (c) for each credit in the order listed.
Section A2 Instructions
Line 6 through Line 10 – Follow the Credit Table Instructions to find
out in which section to claim your credit. Then complete column (a)
through column (d) for each credit in each section before going to the
next section.
Section B1 Instructions
Line 12 through Line 1
5 –
Follow the Credit Table Instructions to find out
in which section to claim your credit. Then complete column (a) through
column (d) before going to the next section.
Generally, it is to your advantage to apply credits with limited carryovers
before credits with no limitation on the carryover. However, you may
want to apply credits with no limitation on carryover first if that is more
advantageous in your case.
Page 6 Schedule P (541) Instructions 2013

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