California Form 3510 - Credit For Prior Year Alternative Minimum Tax - Individuals Or Fiduciaries - 2013 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
• Four years for losses incurred in taxable
Use form FTB 3510, Part I, to figure the
years beginning before January 1, 2008.
amount of 2012 AMT that was attributable to
Net Operating Loss (NOL) Carryback – NOLs
only the exclusions.
Tax Computation for Certain Children with
incurred in taxable years beginning on or after
Investment Income – For taxable years
Use form FTB 3510, Part II, to figure the
January 1, 2013, shall be carried back to each
beginning on or after January 1, 2010,
amount of 2012 AMT that was attributable
of the preceding two taxable years.
California conforms to the provision of the
to the deferral preferences and the amount
The allowable NOL carryback percentage
Small Business and Work Opportunity Tax Act
available as a credit in 2013.
varies. For an NOL incurred in a taxable year
of 2007, which increased the age of children
California conformed to the federal repeal of
beginning on or after:
to 18 and under or a student under age 24,
the AMT depletion adjustment for independent
• January 1, 2013, and before January 1,
for elections made by parents reporting their
oil and gas producers and royalty owners. As
2014, the carryback amount shall not
child’s interest and dividends.
a result, for AMT purposes follow the methods
exceed 50% of the NOL.
Registered Domestic Partner (RDP) – For
prescribed by the federal rules to adjust the
• January 1, 2014, and before January 1,
purposes of California income tax, references
depletion amounts deducted from income for
2015, the carryback amount shall not
to a spouse, husband, or wife also refer to a
purposes of computing the regular tax. Your
exceed 75% of the NOL.
California RDP, unless otherwise specified.
California depletion costs may continue to differ
• January 1, 2015, the carryback amount
from the federal amounts because of prior
shall be 100% of the NOL.
A Purpose
differences in the law and differences in basis.
Individuals, Estates, and Trusts compute the
Use form FTB 3510, Credit for Prior Year
NOL carryback in Part IV of form FTB 3805V,
Specific Line Instructions
Alternative Minimum Tax - Individuals or
Net Operating Loss (NOL) Computation
Fiduciaries, to figure your 2013 California
and NOL and Disaster Loss Limitations –
Complete your 2013 Schedule P (540) through
credit for prior year alternative minimum tax
Individuals, Estates, and Trusts. For more
Part II, line 24; Schedule P (540NR) through
(AMT) incurred in a taxable year beginning
information, get form FTB 3805V.
Part II, line 43; or Schedule P (541) through
after 1986.
Election to Waive Carryback – Any taxpayer
Part III, line 8, before figuring this credit.
entitled to a carryback period pursuant to
B Who Must File
Line 1 – Estates and trusts: Skip line 1
Internal Revenue Code (IRC) Section 172(b) (3)
through line 3. Complete a second 2012
may elect to relinquish/waive the entire
To claim the credit for prior year AMT,
Schedule P (541), Part I and Part II. Enter only
carryback period with respect to an NOL
individuals and fiduciaries must complete form
exclusion items from Schedule P (541), line 4a
FTB 3510. Individuals and fiduciaries qualify
incurred in the 2013 taxable year. By making
through line 4d and any other exclusion items
for the credit if one of following applies:
the election, the taxpayer is electing to carry an
on Schedule P (541), line 4p. If the amount on
NOL forward instead of carrying it back in the
• Had an AMT credit carryover from 2012.
Schedule P (541), Part I, line 10 is zero or less,
previous two years.
• Paid AMT for 2012, and had 2012
enter -0- on line 4 of form FTB 3510.
adjustments and tax preference items other
To make the election, check the box in Part I
Otherwise, enter on line 4 of form FTB 3510,
under Section C – Election to Waive Carryback,
than exclusions.
the amount from line 10 of Schedule P (541)
of form FTB 3805V, and attach form FTB 3805V
Corporations must use Schedule P (100 or
adjusted for the beneficiary’s exclusion items.
to the tax return. For more information, get
100W), Alternative Minimum Tax and Credit
Line 2 – Enter the adjustments and tax
form FTB 3805V.
Limitations – Corporations, Part III to claim the
preference items treated as exclusions.
credit for prior year AMT.
Schedule P (540 and 540NR) filers, combine
General Information
your 2012 Schedule P (540 and 540NR), Part I,
C Exclusions and Deferral
line 1 through line 7, line 13b, and line 13i. Do
Net Operating Loss – For taxable years
Preferences
not include any amount from line 12 of your
beginning in 2010 and 2011, California
2012 Schedule P (540 and 540NR). Instead,
The 2012 AMT you paid is attributable to two
suspended the NOL carryover deduction.
include the exclusion items from line 12e,
types of adjustments and tax preferences,
Taxpayers continued to compute and carryover
column (d) of your Schedule K-1 (541),
exclusions and deferral preferences. The
NOLs during the suspension period. However,
Beneficiary’s Share of Income, Deductions,
amount of AMT attributable to the deferral
taxpayers with a modified adjusted gross
Credits, etc. for 2012.
preferences is available as a credit in 2013.
income of less than $300,000 or with disaster
loss carryovers were not affected by the NOL
If you included any exclusions on a line other
Exclusions are those adjustments and
than those listed above, add these exclusions
suspension rules. For more information, get
preference items that cause a permanent
to the total.
form FTB 3805V, Net Operating Loss (NOL)
difference in the amount of tax you pay. The
Computation and NOL and Disaster Loss
adjustments and preference items include all of
Line 3 – Determine your 2012 Alternative
Limitations – Individuals, Estates and Trusts.
the following:
Minimum Tax Credit Net Operation Loss
Deduction (AMTCNOLD) and the AMTCNOLD
The carryover periods for any NOL or NOL
• The standard deduction or itemized
carryover, for which a deduction is disallowed
that may be carried over to other years by
deductions.
because of the 2008-2011 suspension, are
following the provisions set forth under
• Depletion.
extended by:
R&TC Section 17276.2, 17276.3, 17276.20,
Deferral preferences are adjustments and tax
17276.21, and 17276.22 with appropriate
• One year for losses incurred in taxable
preference items that cause only a temporary
modifications taken into account for exclusion
years beginning on or after January 1,
difference in the amount of tax you pay. The
items.
2010, and before January 1, 2011.
deferral preferences are all the other items
• Two years for losses incurred in taxable
listed on your 2012 Schedule P (540, 540NR,
years beginning before January 1, 2010.
or 541) that are not exclusions.
• Three years for losses incurred in taxable
years beginning before January 1, 2009.
FTB 3510 Instructions 2013 Page 1
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