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Part IV Credits that Reduce Tax Note: Attach the credit forms to Form 541.

1 Enter the amount from Form 541, line 21, minus Form 541, line 22, but not less than zero . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Tentative minimum tax from Part III, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section A – Credits that reduce excess tax.

(a)

(b)

(c)

(d)

Credit

Credit used

Tax balance

Credit

amount

this year

to be offset

carryover

by credits

3 Subtract line 2 from line 1. If zero or less, enter -0- and see instructions.

This is your excess tax which may be offset by credits . . . . . . . . . . . . . . . . . .

A1 Credits that reduce excess tax and have no carryover provisions.

4 Code: 162 Prison inmate labor credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A2 Credits that reduce excess tax and have carryover provisions. See instructions.

5 Code: ____ ____ ____ Credit Name: _______________________________ 5

6 Code: ____ ____ ____ Credit Name: _______________________________ 6

7 Code: ____ ____ ____ Credit Name: _______________________________ 7

8 Code: ____ ____ ____ Credit Name: _______________________________ 8

9 Code: 188 Credit for prior year alternative minimum tax. . . . . . . . . . . . . . . . .

Section B – Credits that may reduce tax below tentative minimum tax.

10 If Part IV, line 3 is zero, enter the amount from line 1. If line 3 is more than

zero, enter the total of line 2 and the last entry in column (c). . . . . . . . . . . . . . 10

B1 Credits that reduce net tax and have carryover provisions. See instructions.

11 Code: ____ ____ ____ Credit Name: ______________________________ 11

12 Code: ____ ____ ____ Credit Name: ______________________________ 12

13 Code: ____ ____ ____ Credit Name: ______________________________ 13

14 Code: ____ ____ ____ Credit Name: ______________________________ 14

B2 Credits that reduce net tax and have no carryover provisions.

15 Code: 187 Other state tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Section C – Credits that may reduce alternative minimum tax.

16 Enter your alternative minimum tax from Part III, line 10. . . . . . . . . . . . . . . . . 16

17 Code: 180 Solar energy credit carryover from Section B1, column (d) . . . . . . 17

18 Code: 181 Commercial solar energy credit carryover from Section B1,

column (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

19 Adjusted AMT. Enter the balance from line 18, column (c) here

and on Form 541, line 26, or Form 109, line 13 . . . . . . . . . . . . . . . . . . . . . . . . 19

Schedule P (541) 2014 Side 3

7993143

California Schedule P (541) - Alternative Minimum Tax And Credit Limitations - Fiduciaries - 2014 Page 3

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