Form 3510 - California Credit For Prior Year Alternative Minimum Tax Individuals Or Fiduciaries - 2015 Page 2
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32015 Instructions 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, 2015, and to the California Revenue and Taxation Code (R&TC).
General Information
Tax Computation for Certain Children with
Use form FTB 3510, Part II, to figure the
Investment Income – For taxable years
amount of 2014 AMT that was attributable
Net Operating Loss (NOL) Carryback – NOLs
beginning on or after January 1, 2015,
to the deferral preferences and the amount
incurred in taxable years beginning on or after
California conforms to the provision of the
available as a credit in 2015.
January 1, 2013, shall be carried back to each
Small Business and Work Opportunity Tax Act
California conforms to the federal repeal of the
of the preceding two taxable years.
of 2007, which increased the age of children
AMT depletion adjustment for independent oil
The allowable NOL carryback percentage
to 18 and under or a student under age 24,
and gas producers and royalty owners. As a
varies. For an NOL incurred in a taxable year
for elections made by parents reporting their
result, for AMT purposes follow the methods
beginning on or after:
child’s interest and dividends.
prescribed by the federal rules to adjust the
• January 1, 2013, and before
Registered Domestic Partner (RDP) – For
depletion amounts deducted from income for
January 1, 2014, the carryback amount
purposes of California income tax, references
purposes of computing the regular tax. Your
shall not exceed 50% of the NOL.
to a spouse, husband, or wife also refer to a
California depletion costs may continue to differ
• January 1, 2014, and before
California RDP, unless otherwise specified.
from the federal amounts because of prior
January 1, 2015, the carryback amount
differences in the law and differences in basis.
A Purpose
shall not exceed 75% of the NOL.
• January 1, 2015, the carryback amount
Specific Line Instructions
Use form FTB 3510, Credit for Prior Year
shall be 100% of the NOL.
Alternative Minimum Tax - Individuals or
Individuals, Estates, and Trusts compute the
Complete your 2015 Schedule P (540) through
Fiduciaries, to figure your 2015 California
NOL carryback in Part IV of form FTB 3805V,
Part II, line 24; Schedule P (540NR) through
credit for prior year alternative minimum tax
Net Operating Loss (NOL) Computation
Part II, line 43; or Schedule P (541) through
(AMT) incurred in a taxable year beginning
and NOL and Disaster Loss Limitations –
Part III, line 8, before figuring this credit.
after 1986.
Individuals, Estates, and Trusts. For more
Line 1 – Estates and trusts: Skip line 1
information, get form FTB 3805V.
B Who Must File
through line 3. Complete a second 2014
Election to Waive Carryback – Any taxpayer
Schedule P (541), Part I and Part II. Enter only
To claim the credit for prior year AMT,
entitled to a carryback period pursuant to
exclusion items from Schedule P (541), line 4a
individuals and fiduciaries must complete form
Internal Revenue Code (IRC) Section 172(b) (3)
through line 4d and any other exclusion items
FTB 3510. Individuals and fiduciaries qualify
may elect to relinquish/waive the entire
on Schedule P (541), line 4p. If the amount on
for the credit if one of following applies:
carryback period with respect to an NOL
Schedule P (541), Part I, line 10 is zero or less,
• Had an AMT credit carryover from 2014.
incurred in the 2015 taxable year. By making
enter -0- on line 4 of form FTB 3510.
• Paid AMT for 2014, and had 2014
the election, the taxpayer is electing to carry an
Otherwise, enter on line 4 of form FTB 3510,
NOL forward instead of carrying it back in the
adjustments and tax preference items other
the amount from line 10 of Schedule P (541)
previous two years.
than exclusions.
adjusted for the beneficiary’s exclusion items.
Corporations must use Schedule P (100 or
To make the election, check the box in Part I
Line 2 – Enter the adjustments and tax
under Section C – Election to Waive Carryback,
100W), Alternative Minimum Tax and Credit
preference items treated as exclusions.
of form FTB 3805V, and attach form FTB 3805V
Limitations – Corporations, Part III to claim the
Schedule P (540 and 540NR) filers, combine
to the tax return. For more information, get
credit for prior year AMT.
your 2014 Schedule P (540 and 540NR), Part I,
form FTB 3805V.
line 1 through line 7, line 13b, and line 13i.
C Exclusions and Deferral
NOL Suspensions – For taxable years
Do not include any amount from line 12 of your
beginning in 2010 and 2011, California
Preferences
2014 Schedule P (540 and 540NR). Instead,
suspended the NOL carryover deduction.
include the exclusion items from line 12e,
The 2014 AMT you paid is attributable to two
Taxpayers continued to compute and carryover
column (d) of your Schedule K-1 (541),
types of adjustments and tax preferences,
NOLs during the suspension period. However,
Beneficiary’s Share of Income, Deductions,
exclusions and deferral preferences. The
taxpayers with a modified adjusted gross
Credits, etc. for 2014.
amount of AMT attributable to the deferral
income of less than $300,000 or with disaster
preferences is available as a credit in 2015.
If you included any exclusions on a line other
loss carryovers were not affected by the NOL
than those listed above, add these exclusions
suspension rules. For more information, get
Exclusions are those adjustments and
to the total.
form FTB 3805V.
preference items that cause a permanent
difference in the amount of tax you pay. The
Line 3 – Determine your 2014 Alternative
The carryover periods for any NOL or NOL
adjustments and preference items include all of
Minimum Tax Credit Net Operation Loss
carryover, for which a deduction is disallowed
the following:
Deduction (AMTCNOLD) and the AMTCNOLD
because of the 2008-2011 suspension, are
that may be carried over to other years by
extended by:
• The standard deduction or itemized
following the provisions set forth under R&TC
deductions.
• One year for losses incurred in
Section 17276.2, 17276.3, 17276.20, 17276.21,
• Depletion.
taxable years beginning on or after
and 17276.22 with appropriate modifications
January 1, 2010, and before January 1,
Deferral preferences are adjustments and tax
taken into account for exclusion items.
preference items that cause only a temporary
2011.
Line 4 – If line 4 is zero and you paid 2014
• Two years for losses incurred in taxable
difference in the amount of tax you pay. The
AMT, all of the 2014 AMT is attributable to the
years beginning before January 1, 2010.
deferral preferences are all the other items
deferral preferences. Enter -0- on line 13, then
• Three years for losses incurred in taxable
listed on your 2014 Schedule P (540, 540NR,
complete Part I, Section B, if applicable, and
or 541) that are not exclusions.
years beginning before January 1, 2009.
Part II to figure the credit available for 2015.
• Four years for losses incurred in taxable
Use form FTB 3510, Part I, to figure the
years beginning before January 1, 2008.
amount of 2014 AMT that was attributable to
only the exclusions.
FTB 3510 Instructions 2015 Page 1
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