Schedule P (540) - California Alternative Minimum Tax And Credit Limitations Residents - 2015

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Alternative Minimum Tax and
TAXABLE YEAR
CALIFORNIA SCHEDULE
2015
P (540)
Credit Limitations — Residents
Attach this schedule to Form 540.
Name(s) as shown on Form 540
Your SSN or ITIN
-
-
Part I
Alternative Minimum Taxable Income (AMTI) Important: See instructions for information regarding California/federal differences.
1 If you itemized deductions, go to line 2. If you did not itemize deductions, enter your standard
00
deduction from Form 540, li
ne 18, and go to line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
00
2 Medical and dental expense
. Enter the smaller of Schedule A (Form 1040), line 4, or 2½% (.025) of Form 1040, line 37 . .
2
00
3 Personal property taxes and
real property taxes. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
00
4 Certain interest on a home m
ortgage not used to buy, build, or improve your home. See instructions . . . . . . . . . . . . . . . . .
4
00
5 Miscellaneous itemized ded
uctions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
(
00
)
6 Refund of personal property
taxes and real property taxes. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Do not include your state in
come tax refund on this line.
00
7 Investment interest expense
adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
00
8 Post-1986 depreciation. See
instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
00
9 Adjusted gain or loss. See in
structions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
00
10 Incentive stock options and
California qualified stock options (CQSOs). See instructions . . . . . . . . . . . . . . . . . . . . .
10
00
11 Passive activities adjustme
nt. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
00
12 Beneficiaries of estates and
trusts. Enter the amount from Schedule K-1 (541), line 12a . . . . . . . . . . . . . . . . . . . . .
12
13 Other adjustment and prefer
ences. Enter the amount, if any, for each item, a through I, and enter the total on line 13. See instructions.
00
00
a Circulation expenditures .
.
g Mining costs . . . . . . . . . . . .
00
00
b Depletion . . . . . . . . . . . . .
.
h Patron’s adjustment. . . . . . .
00
00
c Installment sales . . . . . . .
.
i
Pollution control facilities . .
00
00
d Intangible drilling costs . .
.
j
Research and experimental .
00
00
e Long-term contracts . . . .
.
k Tax shelter farm activities . .
00
00
f
Loss limitations . . . . . . . .
.
l
Related adjustments . . . . . .
00
13 ______________________
00
14 Total Adjustments and Prefe
rences. Combine line 1 through line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 ______________________
00
15 Enter taxable income from F
orm 540, line 19. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 ______________________
16 Net operating loss (NOL) de
ductions from Schedule CA (540), line 21b, line 21d, and line 21e, column B. Enter as
00
(
)
a positive amount. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 ______________________
00
17 AMTI exclusion. See instruc
tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 ______________________
18 If your federal adjusted gros
s income (AGI) is less than the amount for your filing status (listed below), skip this line and go
00
to line 19. If you itemized de
ductions and your federal AGI is more than the amount for your filing status, see instructions.
18 ______________________
(
)
Single or married/RD
P filing separately . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $178,706
Married/RDP filing joi
ntly or qualifying widow(er) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $357,417
Head of household . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $268,063
00
19 Combine line 14 through lin
e 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 ______________________
00
20 Alternative minimum tax NO
L deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 ______________________
21 Alternative Minimum Taxab
le Income. Subtract line 20 from line 19 (if married/RDP filing separately and line 21
00
is more than $339,547, see
instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 ______________________
Part II Alternative Minimum
Tax (AMT)
22 Exemption Amount. (If this
schedule is for a certain child under age 24, see instructions.)
If your filing status is:
And line 21 is not over:
Enter on line 22:
}
Single or head of household
$246,451
$65,721
00
Married/RDP filing jointly or
qualifying widow(er)
$328,601
$87,627
22 ______________________
Married/RDP filing separate
ly
$164,299
$43,812
If Part I, line 21 is more than
the amount shown above for your filing status, see instructions.
00
23 Subtract line 22 from line 21
. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ______________________
00
24 Tentative Minimum Tax. Mu
ltiply line 23 by 7.0% (.07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 ______________________
00
25 Regular tax before credits fr
om Form 540, line 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 ______________________
26 Alternative Minimum Tax. S
ubtract line 25 from line 24. If zero or less, enter -0- here and on Form 540, line 61. If more
than zero, enter here and on
Form 540, line 61. If you make estimated tax payments for taxable year 2016, enter amount from
line 26 on the 2016 Form 54
0-ES, Estimated Tax Worksheet, line 16. (Exception: If you have carryover credit for solar
00
energy or commercial solar
energy, first enter the result on Side 2, Part III, Section C, line 22 or 23) . . . . . . . . . . . . . . . . .
26 ______________________
Schedule P (540) 2015 Side 1
7971153
For Privacy Notice, get FTB 1131 ENG/SP.

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