California Form 3540 - Credit Carryover And Recapture Summary - 2012 Page 4
Download a blank fillable California Form 3540 - Credit Carryover And Recapture Summary - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete California Form 3540 - Credit Carryover And Recapture Summary - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Specific Column Instructions
Specific Column Instructions
Column (c) – Include the recaptured amount from Part II, column (c),
Column (a) – Enter the code number from the instructions for the
for each credit on your California tax return or schedule as follows:
carryover credit(s) you are eligible to claim.
• Form 540, line 63
Column (b) – Enter the name of repealed credit from the instructions for
• Long Form 540NR, line 73
the carryover credit(s) you are eligible to claim.
• Form 541, line 34
Column (c) – Enter the amount of credit carryover available from prior
• Form 100, Schedule J, line 5
years. This amount is on the prior year credit form or statement that you
• Form 100S, Schedule J, line 5
attached to your previous year’s tax return. This amount may also be
• Form 100W, Schedule J, line 5
on the prior year Schedule P (100, 100W, 540, 540NR, or 541), under
• Form 109, Schedule K, line 4
Credit Carryover, column (d).
• Form 565, Schedule K, line 20c
Column (d) – Enter the amount of credit carryover claimed on your
• Form 568, Schedule K, line 20c.
current year tax return. The credit carryover amount you can claim on
Indicate that a credit recapture is included on the tax return by writing
your tax return may be limited by tentative minimum tax or your tax
“FTB 3540” in the space provided or next to the line on the schedule
liability. Refer to the credit instructions in your tax booklet to determine
or form.
the amount of credit carryover you can claim and for information on
Estates or trusts, partnerships, and LLCs, classified as partnerships,
claiming the credit carryover on your tax return. Also see General
must identify the recapture amounts for their beneficiaries, partners,
Information D, Limitations.
and members on Schedule K-1 (541, 565, or 568).
Column (e) – Subtract the amount in column (d) from the amount in
In addition, S corporations must identify recapture amounts for their
column (c). Enter the result in column (e). This is the amount of credit
shareholders on Schedule K-1 (100S), which will differ from the
that can be carried over to future years. To see if the credit is limited, see
amount recaptured by the S corporation on Form 100S, Schedule J,
General Information D, Limitations.
line 5.
Part II Credit Recapture
A Purpose
Use form FTB 3540, Credit Carryover and Recapture Summary,
Part II to figure any recapture of the ECPC and the FWHC. You must
keep your old tax returns along with the appropriate information to
substantiate the credits recaptured on this form. The FTB can request
that information even on tax returns for years that are past the statute
of limitations.
B Credit Recapture Definition
Code 189: If the childcare center is disposed of or stops operating
within 60 months after completion, the portion of the credit claimed
that represents the remaining portion of the 60-month period must be
recaptured. You must add the recapture amount to your tax liability in
the taxable year of disposition or nonuse.
Code 207: If the FHWC was allocated under the former FWHC
provision prior to January 1, 2009, and the property is disposed
of or stops operating, with respect to the costs of constructing
or rehabilitating farm worker housing, within 360 months after
completion, the portion of the credit claimed that represents the
portion of the 360-month period must be recaptured.
Page 3 FTB 3540 Instructions 2012
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial