California Schedule P (540) - Alternative Minimum Tax And Credit Limitations - Residents - 2014

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Alternative Minimum Tax and
TAXABLE YEAR
CALIFORNIA SCHEDULE
2014
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
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deduction from Form 540, line 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 mortgage not used to buy, build, or improve your home. See instructions . . . . . . . . . . . . . . . . .
4 ______________________
00
5 Miscellaneous itemized deductions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 ______________________
(
00
)
6 Refund of personal property taxes and real property taxes. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 ______________________
Do not include your state income tax refund on this line.
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7 Investment interest expense adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 ______________________
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8 Post-1986 depreciation. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 ______________________
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9 Adjusted gain or loss. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 ______________________
00
10 Incentive stock options and California qualified stock options (CQSOs). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . .
10 ______________________
00
11 Passive activities adjustment. 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 preferences. 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 ______________________
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14 Total Adjustments and Preferences. Combine line 1 through line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 ______________________
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15 Enter taxable income from Form 540, line 19. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 ______________________
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16 Net operating loss (NOL) deductions from Schedule CA (540), line 21d and line 21e, column B. Enter as a positive amount
16 ______________________
(
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)
17 AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 ______________________
18 If your federal adjusted gross 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 deductions and your federal AGI is more than the amount for your filing status, see instructions.
18 ______________________
Single or married/RDP filing separately . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $176,413
Married/RDP filing jointly or qualifying widow(er) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $352,830
Head of household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $264,623
00
19 Combine line 14 through line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 ______________________
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20 Alternative minimum tax NOL deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 ______________________
21 Alternative Minimum Taxable Income . Subtract line 20 from line 19 (if married/RDP filing separately and line 21
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is more than $335,191, 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
$243,288
$64,878
00
Married/RDP filing jointly or qualifying widow(er)
$324,384
$86,502
22 ______________________
Married/RDP filing separately
$162,191
$43,250
If Part I, line 21 is more than the amount shown above for your filing status, see instructions.
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23 Subtract line 22 from line 21. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ______________________
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24 Tentative Minimum Tax. Multiply line 23 by 7.0% (.07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 ______________________
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25 Regular tax before credits from Form 540, line 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 ______________________
26 Alternative Minimum Tax . Subtract 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 2015, enter amount from
line 26 on the 2015 Form 540-ES, Estimated Tax Worksheet, line 16. (Exception: If you have carryover credit for solar
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energy or commercial solar energy, first enter the result on Side 2, Part III, Section C, line 22 or 23) . . . . . . . . . . . . . . . . .
26 ______________________
Schedule P (540) 2014 Side 1
7971143
For Privacy Notice, get FTB 1131 ENG/SP.

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